Token unlocks play a crucial role in shaping the price movements and market sentiment of cryptocurrencies. As new tokens enter circulation, they can impact liquidity, investor confidence, and overall market trends. In the coming days, several major projects, including Optimism (OP), Sui (SUI), dYdX (DYDX), EigenLayer (EIGEN), IOTA (IOTA), and Ethena (ENA), are set to unlock millions of tokens. This article breaks down the key details of these unlocks, their potential impact, and what traders should expect in terms of price action and market trends.
OP
According to CoinMarketCap, Optimism is trading at $0.7842 at press time and has a market capitalization of $1.27B. Its trading volume has dipped by 26.88% in the last 24 hours, reaching $92.74M, and in the past week, its price has decreased by 8.75%. OP has a circulation supply of 1.62B OP, and on March 31, 2025, the coin is expected to release an additional 31.34M OP, which is about 1.93% of the Cir. supply and worth $24.58M.
The Relative Strength Index is at 37.91, which is near the oversold territory of 30 and indicates an increasing selling pressure. The Moving Average Convergence Divergence line at -0.043 is above the signal line at -0.049, which points to a bullish momentum. But, the narrowing gap between the lines and the declining positive histogram bars suggest a possibility for a bearish breakout.
SUI
At the time of publication, SUI had a price of $2.32, an increase of 1.64% in the last seven days. It had a market cap of $7.36B and a 24-hour volume of $860.09M. Sui has a circulating supply of 3.16B SUI and a total supply of 10B SUI. The coin is expected to unlock 64.19M SUI (2.03% of Cir.supply), worth $147.65M on 1 April 2025.
The MACD is above the signal line, which indicates a bullish momentum but the weakening of the positive histogram represents a possibility of a reversal. The RSI has a value of 44.01 which represents a bearish trend and based on the chart, the RSI value is likely to decline further due to increasing selling pressure.
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DYDX
At the time of writing, the coin is trading at $0.6446 and has a market cap of $490.99M. DYDX 24-hour volume has declined by 21.79%, to $13.4M and has a circulation supply of 762.03M. On April 1, 2025, the coin will unlock 8.33M DYDX, which is about 1.09% of Cir. supply and worth $5.41M.
Technical indicators like RSI and MACD represent bearish momentum for the coin. The RSI value had declined from the neutral territory of 50 to the current value of 43.26, indicating rising selling pressure. Despite the MACD line above the signal line the reducing positive histograms and the narrowing gap between the lines suggest a bearish breakout is possible.
EIGEN
EigenLayer is trading at a price of $0.9242, declining 10.18% in the last 24 hours. Its volume is at $35.43M, a decrease of 18.52%, and has a market cap of $217.17M. The coin has a total supply of 1.71B EIGEN and a circulating supply of 234.97M EIGEN. About 1.29M EIGEN (0.53% of Cir. supply), worth $1.21M will be unlocked on 1 April 2025.
The Relative Strength Index (RSI) is currently at 30.21, indicating that the coin is in oversold territory. There is a possibility for further decline into deeper oversold levels before any potential rebound above this zone. The Moving Average Convergence Divergence (MACD) line stands at -0.119, slightly above the signal line at -0.127, which suggests a bullish outlook. However, the histogram points to a potential bearish breakout if selling pressure does not decline.
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IOTA
IOTA is trading at $0.1728 and has a market cap of $637.42M at press time. The coin’s price has dipped by 5.79% in the last 7 days, and its trading volume has also declined by 17.32% in the last 24 hours, reaching $21.32M. IOTA has a circulating supply of 3.68B IOTA and will unlock an additional supply of 15.16M IOTA (0.41% of Cir. supply) worth $2.65M on 2 April 2025.
The RSI and MACD indicators suggest a short-term bearish momentum for the coin. The RSI value of 40.47 points to increasing selling pressure, while the narrowing gap between the MACD and the signal line, along with the declining positive histogram, indicates weakening bullish momentum.
ENA
Ethena is trading at $0.3718, an increase of 4.28% over the past week, at the time of publication. It has a circulating supply of 5.28B ENA and a 24-hour volume of $111.32M. On April 2, 2025, Ethena will unlock 40.63M ENA, which corresponds to 0.77% of Cir. supply and is worth $14.76M.
The MACD line is currently trading above the signal line, indicating bullish momentum. The RSI stands at 45.37, hovering near the neutral territory of 50. If buying pressure increases, it could push the RSI higher, potentially signaling further upward movement and strengthening the bullish trend.
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Conclusion
With upcoming token unlocks, Optimism (OP), Sui (SUI), dYdX (DYDX), EigenLayer (EIGEN), IOTA (IOTA), and Ethena (ENA) could see shifts in market dynamics. Increased supply may lead to short-term volatility, but long-term trends will depend on demand and investor sentiment. Technical indicators like RSI and MACD suggest varying momentum across these assets, highlighting the need for careful analysis. As the market reacts, staying informed on price action and project updates will be key to making strategic investment decisions.
