Token unlocks are pivotal events in the cryptocurrency market, significantly impacting a token’s supply and demand dynamics. These scheduled releases, often outlined in a project’s roadmap, distribute tokens to early investors and team members, or upon reaching specific project milestones. As new tokens enter the market, investors and stakeholders keenly observe these events for potential market fluctuations.
Understanding the timing and scale of these token releases can provide valuable insights into potential market trends and investment opportunities. By closely monitoring these events, one can better anticipate market movements and identify strategic investment opportunities. This blog discusses the tokens unlocked from June 30 to July 6.
Upcoming Token Unlocks
OP
At the time of writing, as per data from CoinMarketCap, the price of Optimism stands at $1.77. The coin’s total volume in the last 24 hours was $157,895,333 and had a market cap of $1,985,690,492. It has a circulating supply of 1,121,728,540 OP and has unlocked 1,133,988,512.70 OP, which is about 26.4% of its total supply. OP is about to unlock 2.88% of tokens worth $55.47 million on 30 June 2024.
Its Relative Strength Index (RSI) is 35.52, which is near the oversold. The Moving Average Convergence Divergence is above the signal line, indicating a bullish trend. The coin’s price has decreased by 1.67% over the last seven days.
ENA
At the time of publication, Ethena had a price of $0.5143 and a 1-day decline of 8.92%. Its 24-hour volume is $66,652,528, and has a market cap of $781,523,821. The coin has already unlocked 1,252,872,897.14 ENA, which is about 8.3% of its total supply, and a circulating supply of 1,520,312,500 ENA. ENA is going to unlock 0.92% of tokens worth $7.65 million on 30 June 2024.
The coin has an RSI of 27.91, meaning it is on oversold momentum, and the MACD is below the signal line, showing a bearish trend. Ethena’s price has decreased by 13.07% in the last seven days.
Top 5 Privacy Coins: Dev & Price Pump Incoming?DYDX
At press time, dYdX (Native) is trading at $1.35, having declined 4.31% in one day. It has a market cap of $799,784,664 and a 24-hour trading volume of $19,660,042. The coin has a circulating supply of 593,526,139 DYDX and has already unlocked 55.7% of the tokens, which is $557 million DYDX. It is about to unlock an additional 3.12% worth $11.25 million on 1 July 2024.
DYDX’s RSI is 31.08, which is just above the oversold and the neutral momentum. Currently, the coin has a large possibility of going below 30 and being oversold. The MACD crosses from below the signal line to above it, indicating a bullish trend.
SUI
At the time of publication, the price of Sui was $0.7927, and the coin had declined 3.81% on the last day. It has a 24-hour trading volume of $114,325,636 and a market cap of $1,922,220,219. The coin has unlocked 24.2% of its supply, which is 2,428,716,533.07 SUI, and has a circulating supply of 2,426,143,881 SUI. SUI is about to unlock an additional 2.65% of tokens worth $51.27m on 1 July 2024.
Its Relative Strength Index is about 33.69, which is in neutral momentum but only slightly above oversold. The MACD is below the signal line and displays a bearish trend. Over the last seven days, the price has declined by 13.48%.
AKT
At press time, Akash Network is trading at $3.65 and has a market cap of $882,906,435. The coin has declined 0.12% in 1 day and has a 24-hour trading volume of $66,160,465. It has a circulating supply of 242,202,120 AKT and has unlocked 245,382,816.05 AKT, which is about 63.16% of its total supply. AKT is going to unlock 0.03% of tokens worth $257.03k on 1 July 2024.
The AKT RSI is 50.82, which indicates neutral momentum. The MACD line is above the signal line, indicating a bullish trend, and the coin’s price has increased by 21.93% in the past seven days.
PENDLE
At the time of writing, Pendle was trading at $5.01 and had a one-day decline of 3.77%. PENDLE’s market cap is $775,227,528 and has a 24-hour trading volume of $62,504,630. It has a circulation supply of 154,870,649 PENDLE and has unlocked 273,518,938.51 PENDLE. The coin has an unlimited supply and is about to unlock 0.02% of tokens worth $181.27k on 4 July 2024.
Pendle’s RSI is at 42.42, indicating neutral momentum. The MACD line is below the signal line, which means it is in a bearish trend, and over the last seven days, the coin has declined 18.29%.
Top 5 DePIN Tokens, Who’s Primed to Explode?EGLD
At the time of publication, MultiversX has a price of $29.24 and a 24-hour trading volume of $17,214,756. Its market capitalization is $791,844,582, and its one-day decline was 1.64%. The coin has unlocked 90.86% of the tokens, which is 28,545,650.21 EGLD, and has a circulation supply of 27,120,096 EGLD. On 4 July 2024, the coin will unlock an additional 0.01% tokens worth $82.31k.
The coin’s Relative Strength Index is 35.14, meaning its momentum is neutral and just above the oversold territory. Its MACD indicates a bullish trend, and the coin’s price has increased by 1.88% over the last seven days.
Conclusion
Integrating knowledge of token unlocks with technical analysis helps traders navigate market trends, manage risks, and make informed decisions about their investments. Overall, understanding the potential impact of token unlocks, along with thorough research on indicators like MACD and RSI, can equip investors with the insights needed to comprehend market trends and make informed investment decisions.
