A cliff is a vesting milestone when a large batch of locked tokens becomes transferable at once.
Cliffs can create sell pressure if recipients exit. Not every cliff dumps; some are absorbed by demand.
In research workflows, Cliff is usually interpreted with Vesting, Token unlock, and Fully diluted valuation rather than as a standalone signal. Compare circulating float, unlock overhang, and where size can actually trade before trusting a breakout headline.