As the crypto market navigates a delicate balance between bullish momentum and macroeconomic uncertainty, a wave of significant token unlocks scheduled for the week of May 19–25 could act as a major catalyst for short-term price volatility. Notably, the Pyth Network is set to release more than half of its circulating supply, marking one of the largest token unlock events of 2025 so far. Meanwhile, Polyhedra Network (ZKJ), Saros (SAROS), and Subsquid (SQD) will also see substantial amounts of tokens entering the market.
These unlocks are not just technical milestones in vesting schedules—they are psychological and liquidity events that could reshape investor sentiment in the near term. Below, we examine the most impactful unlocks, their distribution, potential risks, and what traders should watch out for.
PYTH Network (PYTH) – 2.13 Billion Tokens Unlocked on May 20
The biggest headline of the week belongs to Pyth Network, with a colossal 2.13 billion PYTH tokens—58.3% of its circulating supply—unlocking on May 20. Valued at over $330 million, this unlock stands to be a major turning point for the project and the market’s perception of its long-term viability.
Pyth token allocation | Source: cryptorank.io
Strategic Allocations Breakdown:
Ecosystem Growth: 1.13 billion tokens (21.6%)
Publisher Rewards: 537.53 million tokens (24.4%)
Protocol Development: 212.5 million tokens (21.3%)
Private Sale Investors: 250 million tokens (25%)
While a sizable portion supports protocol development and ecosystem expansion—both bullish from a fundamentals perspective—the 250 million tokens unlocked for early investors raise red flags. If these early backers choose to exit and realise gains, it could lead to severe short-term selling pressure.
Given the sheer scale of the release, price turbulence is expected. Unless the market sees a corresponding uptick in demand or a new utility-driven catalyst, a temporary price correction appears likely.
Polyhedra Network (ZKJ) – $33 Million Unlock on May 19
On May 19, Polyhedra Network will unlock 15.5 million ZKJ tokens, estimated to be worth $33 million. Though much smaller in scale than PYTH’s unlock, this event holds considerable weight for a relatively new project still proving its position in the market.
ZKJ token allocation | Source: cryptorank.io
Key Allocations:
Ecosystem & Network Incentives: 8.47 million tokens (2.65%)
Community, Airdrop & Marketing: 2.61 million tokens (1.74%)
Foundation Reserves: 3.61 million tokens (2.41%)
Pre-TGE Investors: 800,000 tokens (4%)
The broad and strategic allocation strategy—targeting community growth, marketing, and protocol development—signals long-term commitment. However, the unlock of Pre-TGE tokens for early investors introduces the possibility of short-term selling, especially if market sentiment turns bearish.
With Polyhedra gaining attention for its ZK-proof interoperability in Web3, the unlock serves as a litmus test for investor conviction. If the project’s fundamentals remain strong, it may weather the volatility, but cautious short-term trading is advisable.
Saros (SAROS) – $28 Million Worth Unlocking on May 19
Also unlocking on May 19 is Saros, which will release 213.93 million SAROS tokens, representing 8.15% of its circulating supply—valued at approximately $28 million.
Distribution Focus:
Core Contributors: 54.06 million tokens
Ecosystem Growth: 40.54 million tokens
Operating within the Solana ecosystem, Saros benefits from broader network interest, which could help absorb the influx. However, this is a significant liquidity event, and without strong buy-side support, it could drive near-term price weakness.
SAROS token unlock | Source: cryptorank.io
The unlock structure is geared toward rewarding internal contributors and supporting the ecosystem—potentially bullish from a long-term view—but in the short term, the market may interpret this as a sell signal, especially if contributor liquidity is realised.
Subsquid (SQD) – 38.1 Million Tokens Unlocking on May 25
Rounding off the week, Subsquid will unlock 38.1 million SQD tokens on May 25, valued at $10.2 million, or 2.86% of total supply. While smaller than the others, the event could still create outsized volatility due to limited market depth and liquidity.
SQD unlock schedule | Source: tokentrack.co
As a relatively new player in blockchain indexing and data infrastructure, Subsquid’s token is not heavily traded, and even a modest unlock can rattle price action. Any sell-off by team members or early investors may push prices down disproportionately.
However, the long-term narrative remains positive. With on-chain data demand rising and if adoption accelerates, SQD could recover quickly, especially if the unlock is perceived as a natural step in the project’s development.
A Volatile Week Ahead
Token unlocks often serve as inflection points—either triggering profit-taking or reinforcing investor faith in a project’s fundamentals. The unlocks scheduled for the week of May 19–25 include some of the largest and most diversified seen this year.
PYTH’s unlock is by far the most consequential, and its outcome could ripple across related projects.
ZKJ and SAROS will test the strength of their ecosystems and investor patience.
SQD, while less prominent, highlights the amplified risks low-liquidity tokens face during unlocks.
For traders and long-term holders, this is a week to watch closely. Managing risk and monitoring community sentiment will be key. History suggests that volatility is a given, but whether these unlocks act as springboards or sinkholes depends on how prepared the market is to absorb them.
