Cryptocurrency markets remained volatile last week as trading volumes dwindled due to the Christmas holidays. The traditional Santa Claus rally drove Bitcoin prices close to the $100,000 mark but momentum waned, pushing the cryptocurrency back below $95,000.
Key digital assets to monitor this week include Sui (SUI), EigenLayer (EIGEN), and StepN (GMT).
Sui is expected to draw attention as the Sui Foundation plans to unlock additional tokens valued over $138 million on Tuesday, part of a long-term strategy that will conclude in September 2069 when the token supply reaches 10 billion. Despite a decline from its monthly peak of $4.9536 to $4.2, SUI exhibits potential for recovery, possibly driven by the January Effect, a trend that often sees asset prices rise in January.
In a similar vein, EigenLayer prepares for a significant token release valued at $80 million, representing 1% of its total supply, also set for Tuesday. This will increase the total unlocked tokens to approximately 28%. Having declined from December’s peak of $5.6 to $3.42, the EIGEN token is likely to either face a bearish trend towards $3 or experience gains if it surpasses its descending trendline.
StepN’s GMT token will also face market scrutiny due to a scheduled release of $16.4 million worth of tokens on January 4th. Following a surge to $0.2500, GMT retracted to $0.177, with potential for buyer interest to push it back up to $0.2075 in the coming days.
Other cryptocurrencies to keep an eye on include Cetus Protocol, Cheelee, and Maverick Protocol. As the markets navigate these upcoming token unlocks and potential economic effects, traders and investors will be closely observing these movements for opportunities in the volatile crypto landscape.
