tl;dr
Ethereum layer-2 network Scroll launched its SCR token in an airdrop on October 22. Recipients expressed dissatisfaction with the small token amounts they received, leading to significant selling pressure. Currently trading at $1.04, SCR has seen a 19% decline in the past 24 hours. The airdrop distr...
Ethereum layer-2 network Scroll's SCR token is facing significant selling pressure following a disappointing airdrop. Recipients expressed dissatisfaction with the small token amounts they received, leading to widespread selling pressure. Currently trading at $1.04, SCR has seen a 19% decline in the past 24 hours. The airdrop allocated 5.5% of the total SCR supply, with 40 million SCR distributed to on-chain participants. The surge in selling pressure has caused SCR's value to plummet, with indicators suggesting a possibility of further decline. SCR may drop below its all-time low of $0.99, but a shift to bullish sentiment could lead to an uptrend toward resistance at $1.55 and $1.72.
According to a blog post from the team, Scroll’s airdrop distributed 5.5% of the total SCR supply—55 million out of 1 billion tokens—to early contributors within the ecosystem. Of this amount, 40 million SCR was allocated to on-chain participants who earned 200 or more Scroll Marks, the platform’s reward points for engaging with the layer-2 scaling network. An additional 1% of the supply was evenly distributed across eligible wallets, while 0.5% was reserved as a “bonus” for users who met specific criteria. After the airdrop, some users of the L2 network, disappointed by the amount of coins they received, voiced their frustrations on X (formerly Twitter).
This surge in selling pressure since its launch has caused SCR’s value to plummet by double digits. BeInCrypto’s assessment of its technical setup on an hourly chart signals the possibility of an extended decline. For one, the bearish sentiment trailing the altcoin continues to grow, as evidenced by the negative value of its Bull Bear Power (BBP), which stands at -0.10 as of this writing. Furthermore, SCR’s price trades near the lower band of its Bollinger Band (BB) indicator which measures its market volatility. SCR currently trades at $1.04, just above support formed at $0.99, representing its all-time low since it launched. Sustained selloffs amongst market participants will push SCR’s price below this level in the near term.
However, if market sentiment changes from bearish to bullish and SCR witnesses a resurgence in demand, its price will initiate an uptrend and climb toward resistance at $1.55. A successful break above this level will make it rally toward the next resistance level at $1.72.
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