Token unlocks are a major event for any cryptocurrency, as they inject new coins into the market. The sudden release of a bulk of tokens has the potential to alter price trends. This week, ADA, EIGEN, ENA, OP, and APT are about to experience token unlocks. This article discusses the performance of each token, their trendlines, and what they mean to investors.
ADA
At the time of publication, Cardano’s price value is at $0.3535 and has a market cap of $12,355,502,220. The coin has dropped by 11.45% over the last seven days and has a trading volume of $205,823,857, a decline of 27.59%. ADA has a circulation supply of 34,956,414,642 ADA and has unlocked 38.17B ADA, which is about 84.82%. Cardano will release or unlock 0.05% of the circulation supply worth $6.39M on October 7th. The market is currently in a downtrend with a triangle pattern, and if it breaks downwards, a bearish trend is confirmed.
EIGEN
EigenLayer is trading at $3.39 at press time, a decline of 8.77% in 7 days. The trading volume (24h) has experienced a drop of 26.68%, reaching $217,546,050, and the coin has a market cap of $629,210,822. EIGEN has an unlimited supply, and currently, there are 186,582,000 EIGEN in circulation. On October 8th, Eigen will unlock a 5.32% additional circulation supply worth $33.47M. The market is following the trendline and is likely to touch the order block. After that, the market will go on a downtrend.
ENA
At the time of writing, Ethena is trading at $0.3003, up 4.8% in one day and 38.49% in one month. Its trading volume is down 17.36% to $89,419,014, and ENA’s market cap is $824,392,580. The coin has a circulation supply of 2,746,875,000 ENA and has unlocked 12.6%, accounting for 1,889,711,752.14 ENA, and the coin is expected to add 0.47% of circulation supply worth $3.86M on October 9th. The Relative Strength Index of the coin is 50.00, which indicates a neutral momentum, neither overbought nor oversold.
OP
Optimism’s price is $1.63 at the time of publication, rising 4.70% in 24 hours, and its market cap is $2,041,648,747. The volume (24h) has declined by 22.26%, reaching $126,533,144, and its circulation supply is 1,255,070,491 OP. The coin has unlocked 30.22% of the supply, and on 10th October, it will unlock an additional 0.64% of tokens worth $12.16M. The market is likely to follow the trendline, and the Stochastic RSI indicates an oversold condition and hints at a potential upward trend.
APT
At press time, Aptos is trading at $8.94 and has a 24-hour volume of $285,988,445, which has declined 44.87%. The coin has risen 9.92% in a week and 51.86% in a month and has a market cap of $4,494,562,335. Aptos has no maximum supply, and currently, it has a circulation supply of 502,683,308 APT and a total supply of 1,119,324,604 APT. On October 11th, the coin will add 2.25% of the circulation supply worth $96.36M to Aptos. There is a resistance at 9.73 and support at 7.48 and 5.68. The market is likely to reverse after failing to breakthrough the resistance, or it will break the resistance, and a bullish trend is confirmed.
Conclusion
The cryptocurrency market continues to move with Coins such as Cardano (ADA), EigenLayer (EIGEN), Ethena (ENA), Optimism (OP), and Aptos (APT) showcasing their own trends and movements in the market. Some coins like ADA and EIGEN have recently seen a decline and are facing a potential bearish trend. In contrast, coins like ENA, OP, and APT have positive momentum or are approaching key resistance levels, which might lead to further growth. The future price movements of each coin may be impacted by upcoming token unlocks.
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