Token unlocks are an important part of the cryptocurrency market, often influencing supply, demand, and price actions. With significant unlock events on the horizon for tokens like OP, SUI, DYDX, ENA, and EIGEN, traders and investors are watching closely to gauge their potential impact. This article talks about their latest data, technical indicators, and the amount of tokens released.
OP
According to CoinMarketCap, Optimism is trading at $1.83 at press time. It has a market cap of $2.47B and a volume of $280.57M, an increase of 12.08 in the last 24 hours. OP has unlocked 1.37B OP, which is about 31.97% of the total supply. Nearly 2.32% of the circulation supply (31.34M OP) worth $57.36M is about to be released on 31 December 2024. Technical indicators like RSI and MACD hint at a short-term bearish momentum, with the value at 40 and the MACD line trading below the signal line.
SUI
At the time of writing, SUI’s value was $4.00, a monthly increase of 10.53%, and a market cap of $11.72B. The total volume has increased by 9.92%, reaching $1.29B, and has a fully diluted value (FDV) of $40.05B. SUI has unlocked 29.31% of the circulation supply, and on 1 January 2025, about 64.19M SUI (2.19% of circulation supply) worth $257.42M will be unlocked. The Relative Strength Index at 46.77 indicates a neutral momentum with a potential bearish pressure on the horizon, and the Moving Average Convergence Divergence represents a short-term bearish trend.
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dYdX is trading at a price of $1.50 at press time, with a market cap of $1.07B and a 24-volume of $47.09M, a surge of 21.08%. It has an FDV of $1.16B and has unlocked 64% (640.04M DYDX) of the total supply. On 1 January 2024, about 1.17% of the circulation supply, equivalent to 8.33M DYDX tokens valued at $12.50M, will be unlocked. The MACD line is trading below the signal line, which means a short-term bearish trend, and has an RSI value of 43.79, indicating a neutral momentum.
ENA
At the time of publication, ENA was trading at $0.9017, a monthly rise of 26.70%. The total trading volume in the last 24-hours has declined by 28.26%, reaching $268.56M. ENA has an FDV of $13.51B and has no max supply. Currently, it has unlocked 2.04B ENA (13.63% of circulation supply) and will unlock an additional 0.44% of circulating supply, which amounts to 12.86M ENA worth $11.51M. Both RSI and MACD indicate a bearish momentum for the coin.
EIGEN
EigenLayer has a value of $3.37 and a market cap of $709.89M at the time of writing. Its 24-hour trading volume has dipped by 29.24%, settling at $105.29M. EIGEN has a circulation supply of 210.8M EIGEN and an unlimited supply of coins. On 31 December 2024, 11.29M EIGEN, which is about 0.61% of the circulating supply worth $4.35M, will be released into circulation. RSI at 40.65 indicates a neutral momentum, while the MACD points towards a bearish trend.
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Token unlocks for OP, SUI, DYDX, ENA, and EIGEN highlight key market movements and potential price impacts. While most tokens are showing signs of short-term bearish momentum based on technical indicators like RSI and MACD, the addition of new supply could influence market sentiment and price action. Investors should monitor the upcoming developments closely as they can help navigate the crypto space in volatile times.
