Crypto
- A massive $267.7 million worth of SUI tokens will hit the market on January 1st.
- $32.21 million worth of ZETA will also be unlocked on the same day.
- A total of $420 million in altcoins will be released into the market this week.
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. Meanwhile, Bitcoin (BTC) is struggling to break through the $100,000 mark.
According to data from Tokenomist, 64.19 million SUI (2.19% of the circulating supply) worth $267.7 million will hit the market on January 1st. This will be followed by 53.89 million ZETA (9.35% of the circulating supply) worth $32.21 million on the same day.
In addition, 31.34 million OP (2.32% of the circulating supply) worth $58.61 million will unlock on December 31st, along with $4.18 million worth of Galxe (GAL) tokens. Also on January 1st, 23.21 million AI tokens (17.85% of circulating supply) worth $14.72 million will be released, along with 8.33 million DYDX tokens (17.85% of the circulating supply) worth $13 million.
Furthermore, $12 million in ENA, $4.47 million in EigenLayer (EIGEN), $7.93 million worth of Maverick Protocol (MAV) tokens, and $2.16 million worth of SIDUS tokens will also enter the market.
Altcoins Show Mixed Signals as New Year Approaches
The chart below focuses on the altcoin market cap on a weekly time frame and it shows that overall, the altcoins are still bullish as the Relative Strength Index (RSI) reads 62.50, meaning that the demand for digital assets is still high. Further, the gradient of the line indicates a slight increase in buying pressure in the short term.
The MACD indicator remains bullish with the MACD line (blue) above the signal line (red) and the MACD histogram is also bullish. While the MACD indicator stays bullish, its intensity is decreasing, suggesting that buying pressure may be waning. Investors should proceed with caution and consider waiting for a major pullback or a bullish price breakout before making any significant trades.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
