The entire cryptocurrency market is fickle, with price changes happening at the drop of a hat. This is especially the case when token unlocks for coins such as Ethena, Optimism, Sui, Immutable, and Cardano on the horizon. Whenever there is a token unlock, the price of the coins that are about to be unlocked fluctuates. In this article, the performance of each token, exploring its technical indicators, and what they mean to traders have been decoded.
Token Unlocks of This Week
ENA
At the time of publication, Ethena is trading at $0.351, with a 1-day decline of 3.15% and a 7-day increase of 35.19%, according to CoinMarketCap. The coin’s volume (24h) has risen 126.84% to $193,406,017 and has a market capitalization of $667,560,361. ENA has unlocked 9.64% of the total supply and has a circulation supply of 1,901,562,500 ENA. On September 29, 2024, the coin is expected to release 0.78% additional supply worth $5.21M. On a 1-day chart, indicators like Stochastic RSI and TDIGM are both currently overbought, and the market price is in the supply zone. This analysis indicates the price will likely fall to 0.2390.
Layer 2 Tokens: Immutable And Optimism Leading The WayOP
At press time, Optimism has a value of $1.82 and a 24-hour volume of $164,378,045. OP has a market cap of $2,165,707,369 and a circulating supply of 1,187,596,466 OP. It has unlocked 1,266,646,587.10 OP coins, corresponding to 29.49% of the token supply. The coin is expected to unlock 2.64% of tokens worth $56.41M on September 30, 2024. On a weekly timeframe, the coin follows the trendline, and the Relative Strength Index shows a current value of 48.15 and is expected to break through above 50.
SUI
SUI is trading at $1.70 at the time of writing and has experienced a seven-day increase of 8.78%. The coin has a market cap of $4,558,106,148, 24h volume of $796,638,949, and a circulation supply of 2,679,963,750 SUI. SUI has unlocked 26.82% of the supply, and on October 1, 2024, the coin will unlock an additional 2.40% of the supply. The market is going on an upward trend from order flow, and after a few price corrections, it is expected to reach an ATH in a 1-week timeframe.
IMX
IMX is trading at a price of $1.78 at press time, and its 24-hour volume is $51.68M, rising 15.33%. It has a circulation supply of 1.61B IMX and a market cap of $2.85B. Immutable has already unlocked 80.82%, and on October 4, 2024, about 2.02% of tokens worth $56.18M will be unlocked. In a 1-week timeframe, the market is following the trendline and is about to reach the third touch. After the touch, the market is expected to go on a bullish trend.
ADA
At the time of writing, Cardano is trading at a price of $0.4051 and a market cap of $14,165,219,065. The coin has experienced a seven-day price increase of 13.12% and a 1-day volume of $351,202,204. It has about 34,949,383,758 ADA in circulation and is about to unlock 0.05% of circulation supply worth $7.05M on October 2, 2024. ADA is following the trendline and is likely to move upward to the supply zone. The stochastic RSI is currently at 52.75, which indicates an uptrend.
Hoskinson Reacts to New ADA-BTC Smart Contract InnovationConclusion
The cryptocurrency market remains unstable and demonstrates active trading involving various tokens. Ethena (ENA) has experienced quite a remarkable increase in the past week, but it seems to be overbought indicated by some of the indicators. Optimism’s (OP) price continues to trend upward as it prepares for an upcoming token unlock event that could influence its price movement. The relative strength index of SUI is rising with a target of setting a new record-high price, and IMX looks like it is headed higher after touching the trend line. Last but not least, Cardano (ADA) is in an upward sentiment, with various indicators showing signs of bullishness. The markets remain somewhat unpredictable; however, strategic analysis of the trends and the token unlock schedule could help assess the future changes in the prices of a coin.
