This week, the cryptocurrency market is set to experience significant token unlocks across several major projects, which could impact the prices and market dynamics. Key tokens like ARB, APT, RENDER, and others are preparing to release additional portions of their supply, potentially influencing market sentiment and trading activity. This article delves into the details of each token unlock, analyzing the potential effects on market performance.
Token Unlocks of This Week
ENA
At the time of publication, ENA was trading at a price of $0.3071 with a 1-day increase of 1.04%. The coin had a volume (24h) of $45,879,351, which declined 8.44%, and a market capitalization of $554,861,984. Ethena has a circulation supply of 1,806,250,000 ENA, and about 8.9% of the tokens had already been unlocked. On August 11, 2024, ENA is expected to unlock an additional 0.82% of tokens worth $4.57 million.
Its RSI value is 36.79, which indicates the coin is in neutral territory. The MACD line is below the signal line, suggesting short-term bearish momentum. The coin price has declined 11.18% over the last seven days.
APT
At press time, Aptos’ price was $5.75, and its market cap was $2,706,484,682. Its 24-hour volume decreased by 12.73%, reaching $100,220,856, and APT’s circulation supply was about 470,891,579 APT. The coin has infinite supply and is about to unlock 2.40% of tokens worth $65.03M on August 12, 2024. The coin’s relative strength index is about 42.09, representing that APT is neither oversold nor overpriced but in neutral territory. Moving Average Convergence Divergence signaled a bearish momentum as it trades below the signal line.
Aptos Foundation and Alibaba Unite to Revolutionize Japan’s Web3 ScenePENDLE
According to CoinMarketCap, the price of the Pendle was $2.63, and its 24-hour volume was $43,938,678 at the time of writing. The coin has a circulation supply of 157,760,545 PENDLE and a market cap of $415,387,933. PENDLE has no maximum supply. On August 14, 2024, the coin will unlock 0.02% of tokens worth $89.03k. It has an RSI value of 36.59, which represents neutral territory, and the MACD indicates a short-term bearish momentum.
SAND
The Sandbox was trading at $0.2634 at the time of publication and had declined 7.55% in the last seven days. It has a market cap of $601,743,310 and a volume of $44,315,820. The coin had already unlocked 2,588,819,444.00 SAND, accounting for 86.2% of the total supply. On August 14, 2024, SAND will unlock an additional 9.00% token worth $54.20m. The coin’s RSI value is at 39.45, suggesting a neutral momentum, and the MACD points towards a short-term bearish trend.
STRK
Starknet’s price was $0.3811 at press time, declining 2.92% in one day. Its volume also declined 30.23%, reaching $43,767,325, and the coin’s market cap was $616,214,391. STRK has a circulation supply of 1,619,969,137 STRK and has unlocked 975,785,318.20 STRK, accounting for 9.76% of the entire supply. The coin is expected to unlock an additional 3.95% of tokens worth $24.44m on 15 August 2024. The coin’s relative strength index is at 32.97, just above the oversold territory. The Moving Average Convergence Divergence indicates a short-term bearish trend with the signal line above the MACD line.
RENDER
At the time of writing, RENDER was trading at $4.76, having declined 4.64% in one day. Its market capitalization was $1,866,921,615, and the coin’s 24-hour volume was $48,116,022. The Render’s RSI value is 36, indicating neutral momentum; the MACD line trades below the Signal line, representing a short-term bearish trend. It has a circulation supply of 309,459,381 RENDER, and 48% of the tokens, which is about 309,448,910.00 RENDER, have been unlocked. On 15 August 2024, an additional 0.19% of tokens worth $3.63m will be unlocked.
SEI
At press time, the SEI price stood at $0.2845, and the volume declined 48.10%, reaching $62,132,430. The coin has a circulation supply of 3,175,000,000 SEI and has unlocked 2,559,977,382.41 SEI, making up 25.6% of the total tokens. On 15 August 2024, the coin will unlock 0.16% of tokens worth $1.45m. The Relative Strength Index of Sei is at 44.24, indicating neutral momentum, and the Moving Average Convergence Divergence suggests a short-term bearish trend.
ARB
Arbitrum had a price of $0.5643 and a 7-day decline of 6.87% at the time of publication. Its 24-hour volume has increased by 16.18%, reaching $287,566,253 and a market cap of $1,886,160,962. ARB has unlocked 31.6% of tokens and is expected to unlock an extra 2.77% of tokens worth $52.30% on 16 August 2024. The RSI of the coin is at 39.60, which indicates neither oversold nor overbought but neutral momentum. Furthermore, the MACD line is below the signal line, suggesting a short-term bearish trend.
APE
ApeCoin was trading at a price of $0.6079 and had a market capitalization of $367,702,424 at press time. APE has a circulation of 604,895,833 APE and a 24-hour volume of $29,269,487, which has declined by 15.66%. The coin has unlocked 698,503,788.00 APE, which accounts for 69.85% of the entire supply, and is expected to unlock an extra 2.31% worth $9.57m on 17 August 2024. It has an RSI value of 36.13, climbing up from the oversold territory, and the MACD indicates a bearish trend.
Analysts Predict Bullish Future for APT and ARB, Highlight Key Support Levels and Entry PointsASTR
At the time of publication, ASTR was trading at a value of $0.05802, with a seven-day decline of 7.47%. Its volume (24h) had declined by 52.36%, reaching $20,962,171, and its market cap was $20,962,171. Astar has a circulation supply of 7,090,299,806 ASTR and unlocked 53.2% of the maximum supply, about 4,258,333,333.00 ASTR. On August 17, 2024, the coin will unlock 0.14% of tokens worth $565.58k. The coin’s RSI stands at 37.45 and is climbing towards bullish momentum. Additionally, the MACD line is trading below the signal line, representing a short-term bearish trend.
Conclusion
This week’s token unlocks across various cryptocurrencies indicate a generally bearish market sentiment. Most coins, including ENA, APT, PENDLE, and others, show declining volumes and a bearish trend, as indicated by their Moving Average Convergence Divergence (MACD) lines, which remain below their signal lines. The Relative Strength Index (RSI) values for most tokens are near the oversold territory, indicating the tokens are facing selling pressure.
