The crypto market is bracing for a significant influx of tokens this week; $420 million to be exact, that includes Sui Network (SUI), Optimism (OP), ZetaChain (ZETA), Sleepless AI (AI), dYdX (DYDX), and Ethena (ENA) as token unlocks between Monday and Thursday.
A massive wave of tokens, valued at approximately $420 million, is set to enter the crypto market this week, as indicated by data from Tokenomist.
The tokens will be unlocked gradually, starting with 64.19 million SUI tokens, valued at $267.7 million, hitting the market on January 1st. This batch will constitute 2.19% of the circulating SUI supply. On the same day, 53.89 million ZETA tokens, valued at $32.21 million, will also be unlocked.
Moreover, 31.34 million OP tokens, valued at $58.61 million, will be unlocked on December 31st, along with $4.18 million worth of GAL tokens.
Additionally, 23.21 million AI tokens, valued at $14.72 million, will be unlocked on January 1st, constituting 17.85% of the circulating AI supply. Also unlocking on the same day are 8.33 million DYDX tokens, valued at $13 million.
Furthermore, $12 million in ENA tokens, $4.47 million in EIGEN tokens, $7.93 million in MAV tokens, and $2.16 million in SIDUS tokens will also enter the market.
These token unlocks come as altcoins are showing mixed signals with the new year approaching. An analysis of the altcoin market cap on a weekly time frame reveals that altcoins are still largely bullish, with the Relative Strength Index (RSI) indicating high demand for digital assets. The gradient of the line suggests a slight increase in buying pressure in the short term.
However, the MACD indicator presents a more nuanced picture. While the MACD line (blue) remains above the signal line (red) and the MACD histogram is bullish, its intensity is decreasing. This suggests that buying pressure may be waning. Investors are advised to proceed with caution and consider waiting for a major pullback or a bullish price breakout before making any significant trades.
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