In the past 24 hours, the price of LINEA has surged more than 10%, breaking $0.29. This figure is quite surprising considering it occurred just days before the scheduled major unlock.
LINEA network activity is increasing rapidly
According to Dune, more than 1.158 million ETH have been transferred into the Linea network via the bridge mechanism, involving more than 1.3 million transactions and nearly 600,000 active addresses.
This activity reflects growing user confidence in this Layer 2, especially for cross-chain transactions with Ethereum and Arbitrum. Furthermore, the surge in daily active addresses has made the network feel busier than usual.
However, this rapid growth also raises several questions. Is the security of the cross-chain bridge capable of handling such a large volume? Could the outflow of liquidity disrupt price stability? These questions are understandable, especially as investors begin to prepare for a massive token release.
Token unlock and MetaMask rewards reshape investor outlook
According to the schedule, approximately 1.08 billion LINEA tokens will officially be unlocked on October 10th, equivalent to 6.57% of the circulating supply with a market value of over $29 million. This situation typically triggers selling pressure as many early holders can release tokens to the market.
On the other hand, the added liquidity can provide an opportunity for new users to enter at a more attractive price, depending on how quickly the market absorbs the supply.
Amid this spotlight, MetaMask added more impetus by announcing an on-chain rewards program worth over $30 million in LINEA tokens.
This program, billed as one of the largest in the on-chain sector, will launch in the coming weeks. Rewards range from referral rewards and mUSD incentives to access exclusive tokens from select partners.
Interestingly, existing MetaMask users will receive special treatment, a sort of “loyalty bonus” for the community that has supported them since the beginning.
Furthermore, MetaMask also emphasized that this program will be closely tied to their upcoming token, so participating now could yield double the benefits in the future.
On the technical side, popular analyst GA Crypto observed that LINEA has broken through the downtrend line on the 4-hour timeframe.
This breakout has the potential to push the price back to its previous high between $0.032 and $0.035 and even higher to $0.05.
However, LINEA must stay above $0.0244, as highlighted by CoinLore’s market analysis, for it to potentially move towards the first target at $0.032.