Many token unlocks are expected to occur this week, including Starknet, Arbitrum, Ethena, and other projects. These unlocks can cause market movement, which can either prove to be beneficial or risky depending on the stance the trader takes. From bullish price trends to potential resistance levels, it’s time to break down how each token is doing and what to look out for in the upcoming unlocks.
Token Unlocks of This Week
STRK
At press time, Starknet is trading at a price of $0.4095, which has increased by 3.11% in the last 24 hours, according to CoinMarketCap. It has a market capitalization of $730,331,424 and a 24-hour volume of $57,812,932. STRK has a circulation supply of 1,779,797,783 STRK and has unlocked 10.40% of the token supply. On September 15, 2024, the coin will unlock an additional 3.60% of the token supply worth $26.22m. The odds of higher prices are limited to 0.5 Fib level ($0.868). Furthermore, the RSI indicates 45.09 and has the potential to go to overbought territory, representing a short-term bullish trend.
ENA
At the time of publication, Ethena’s price is $0.219 with a one-day increase of 6.44% and a volume (24h) of $60,138,446. The coin has a market cap of $417,151,432 and a circulating supply of 1,901,562,500 ENA. ENA has already unlocked 1,416,658,763.14 ENA, which represents 9.44% of the entire supply, and will unlock 0.78% of additional supply worth $3.22m on September 15, 2024. The RSI is trading above RSI-MA, with a value of 40.11, indicating a bullish trend, and the MACD is above the signal line, which also represents a bullish trend.
SEC Lawsuit vs Binance: Crypto Tokens are not SecuritySEI
Sei is trading at $0.3057 with a seven-day increase of 15.99% and a drop in volume (24h) of 29.54% to $95,248,643 at press time. It has a market capitalization of $1,008,204,918 and unlocked 33.95% of its token supply. The coin will unlock an additional 1.24% of tokens on September 15, 2024. The coin’s price is likely to surge up to $0.53, filling the Fair Value Gaps where the key resistance Fib level of 0.382 plays a major role.
ARB
At the time of writing, the ARB price is $0.5329. It has increased 2.98% in the last 24 hours and 9.27% in the last seven days. Its 24-hour volume has risen 14.51% to $126,539,980, and its market capitalization is $1,882,241,291. Arbitrum has already unlocked 32.71%, and on September 16, 2024, the coin will unlock an additional 2.65% of the supply worth $49.90m. The coin’s price has recently broken out of a descending triangle and trading above 20 EMA, representing a short-term bullish trend.
APE
APECoin is trading at a price of $0.744 and has a market cap of $449,845,420 at press time. Its volume (24h) has declined by 19.89%, reaching $38,928,978, and has a circulation of 604,895,833 APE. The coin has unlocked 714,105,114.00 APE, about 71.4% of its total supply. Furthermore, APE will unlock 2.31% of tokens worth $11.53m on September 17, 2024. The coin price is likely to surge to $0.982, verified with 20 and 50 EMA golden crossover.
ASTR
Astar is trading at a price of $0.06012, with a seven-day rise of $18.59% at the time of writing. The coin has a 24-hour volume of $17,150,811, which has declined 26.40%, and a market cap of $431,842,513. ASTR has already unlocked 53.40% of its supply and will unlock an additional 0.14% of tokens worth 9.72m on September 17, 2024. Based on the Chaikin Money Flow index, the value currently stands at -0.08, indicating a bearish trend.
GRT
The Graph has a price of $0.1507 and a market cap of $1,440,441,971 at the time of publication. The coin has increased 4.18% in one day and 16.43% in the last seven days. GRT’s volume (24h) has increased 9.86% to $36,049,929 and has unlocked 8.19B GRT, which corresponds to 75.88% of the supply. On September 17, 2024, the coin will release an extra 0.11% of tokens worth $13.15M. The Gaussian Channel and Heikin Ashi are showing a bullish trend, and the coin is likely to surge up to $0.23.
BTC, ETH Lead Open Interest, Solana Lags Behind Above $140ONDO
At the time of writing, Ondo is trading at $0.6525, with a market cap of $906,985,748 and a 24-hour volume of $47,149,583. Over the past seven days, the coin’s price has increased by 13.59% and has a circulation supply of 1,389,759,838 ONDO. About 11.75% (1.18B ONDO) of the token supply has been unlocked, and an extra 0.17% of tokens will be unlocked on September 18, 2024. The Relative Strength Index is above 45.93 and is trading above the RSI-MA line, representing a bullish trend. The Moving Average Convergence Divergence is above the signal line, indicating a short-term bullish momentum.
Conclusion
This week’s token unlocks reveal mixed sentiments, with both bullish and bearish trends demonstrated in several major coins. Based on the bullish indicators observed, Starknet, Sei, and Arbitrum display a possibility of a price surge; APE and Ethena also indicate an upward incline in the short run. However, Astar shows a less optimistic signal and has a negative Chaikin Money Flow index. These will allow parts of each token’s supply to enter the market and impact its behavior while providing a safety net and potential gains for both the conservative and the aggressive investors.
