Top Token Unlocks This Week: FET, EIGEN, ENA, OP, SUI

Token unlocks play a critical role in shaping market dynamics, often influencing price action and investor sentiment. As new tokens enter circulation, they can increase supply, potentially impacting liquidity and market stability. In this article, we focus on five cryptocurrencies—FET (ASI), EIGEN, ENA, OP, and SUI—that are set to undergo significant token unlock events in the coming days. By analyzing their current market performance, technical indicators, and the scale of their upcoming unlocks, we provide a comprehensive outlook on how these events might affect their short-term trajectories.

FET (ASI)

Artificial Super Intelligence is trading at a price of $1.23 at press time, according to CoinMarketCap. The coin has a one-day increase of 1.36% and a market cap of $2.98B. Its 24-hour trading volume has declined by 29.18%, reaching $107.1M, and has an FDV of $3.33B. FET has already unlocked 77.6% of its supply and on January 28, 2025, about 3.34M FET (0.13% of CIr. supply) worth $4.11M will be released into circulation. 

The RSI value of 43.44 indicates the coin is approaching oversold territory and the MACD line is trading below the signal line indicating a bearish momentum. But, the narrow gap between them indicates a potential for a bullish crossover. 

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EIGEN

At the time of publication, EigenLayer has a price of $2.77, an increase of 1.07% in the past day. It has a trading volume of $82.01M, declining 52.13%, and has a market cap of $654.2M. EIGEN has unlimited supply of coins and is about to unlock an additional 1.29M EIGEN (0.55% of Cir. supply) worth $3.44M on January 28, 2025.   

The Relative Strength Index is at 40.38 which represents a bearish trend and the Moving Average Convergence Divergence indicates bearish momentum as it is trading below the singal line. Furthermore, the negative histogram also confirms the bearish momentum.  

ENA

At the time of writing, ENA is trading at $0.8403 and has a market capitalization of $2.54B. Its price decline by 20.27% in the last 24 hours and has a trading volume of $340.72. There are 3.03B ENA in circulation and on 29 January 2025, an additional 12.86M ENA, worth $10.87M and corresponds to 0.42% of circulation supply will be unlocked. 

Technical indicators like RSI and MACD both point towards a bearish trend for the coin. With RSI at 42.01 and the MACD line below the signal line, the momentum suggests further downside risks.   

OP

Optimism has a price of $1.63 and a market cap of $2.2B at press time. Its trading volume has declined by 22.06%, to $135.99M, and has a fully-diluted value of $7B. OP has already unlocked 32.8% of its total supply and has a circulation supply of 1.35B OP. On 31 January 2025, 31.34M OP which is worth $53.91M and accounts for 2.32% of circulation supply will be released. 

The MACD line at -0.075 is trading below the signal line at -0.067 and the RSI of 38.52 represents a short-term bearish trend for the coin. 

SUI

At the time of publication, SUI is trading at $4.15 and has a 24-hour trading volume of $607.87B. It has a market cap of $12.49B and an FDV of $41.5B. Sui has a circulation of 3B SUI and about 64.19M (2.13 circulation supply) worth $272.83M will be unlocked on 1 February 2025. 

The Relative Strength Index is at 41.64 and the graph shows a weakening trend indicating that the coin heading for oversold territory. MACD represents a bearish trend with the MACD line below the Signal line and the histogram trading below zero.  

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Conclusion

The overall market sentiment for the cryptocurrencies, including FET (ASI), EIGEN, ENA, OP, and SUI, points to a bearish trend in the short term. Most coins are approaching oversold territory, suggesting potential further downside risks. However, the narrowing MACD gaps in some cases, such as FET, hint at possible bullish crossovers in the near future.

Upcoming token unlock events across these assets could add selling pressure to the market, given the substantial value of tokens being released into circulation. Investors should closely monitor these unlock events and technical indicators to navigate potential market volatility effectively.

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