- SUI, EIGEN, and GMT are the top 3 cryptocurrencies to watch this week due to significant token unlocks
- SUI will have tokens worth over $138 million unlocked on Tuesday as part of its monthly unlocks
- EIGEN will unlock tokens worth $80 million (1% of total supply) on Tuesday, while GMT will unlock tokens worth $164 million (15% of float) on January 4th
Stay tuned for the top three cryptocurrencies on the radar this week: SUI, EIGEN, and GMT. These digital assets are about to experience significant token unlocks, making them particularly interesting for investors and traders alike.
The Crypto Market Overview
The cryptocurrency market experienced a slowdown last week due to the Christmas holidays. However, the Santa Claus rally pushed Bitcoin (BTC) close to the $100,000 mark before momentum faded and it fell below $95,000. This week, the focus shifts to SUI, EigenLayer, and GMT.
Spotlight on SUI
As per DeFi Llama, SUI tokens valued at over $138 million are set to be unlocked this Tuesday. This is part of a series of monthly unlocks scheduled until September 2069 when the total supply of SUI will reach 10 billion. After peaking at $49.536 this month, SUI’s price has seen a drop to around $42. Despite moving below the 50-day moving average, it has formed an inverse head and shoulders pattern, indicating a potential rebound.
The EigenLayer (EIGEN) Watch
EigenLayer is another cryptocurrency worth watching this week due to an upcoming significant unlock on Tuesday. The network, which operates the largest restaking platforms, will unlock tokens worth $80 million, approximately 1% of the total supply. After peaking at $5.6 in December, EIGEN has since entered a bear market, falling by 40% to the current $3.42.
GMT’s Token Unlock
GMT is also under the spotlight with tokens worth $16.4 million set to be unlocked on Saturday, January 4th. After a parabolic price increase reaching a high of $0.02500 last Friday, GMT experienced a significant reversal, dropping to the current $0.0177. Despite the downward resistance, the token may bounce back as traders could buy the dip.
Conclusion
This week presents a critical juncture for SUI, EIGEN, and GMT, as significant token unlocks are imminent. While these events can introduce volatility and potential price corrections, they also offer unique trading opportunities. Investors and traders should closely monitor the market movements of these cryptocurrencies, analyze the impact of the unlocks, and adjust their strategies accordingly. Remember, the cryptocurrency market is highly dynamic, and conducting thorough research and exercising caution are paramount for navigating its complexities.
