Cryptocurrencies remained on edge last week as the volume dried up because of the Christmas holidays.
The Santa Claus rally pushed Bitcoin (BTC) close to the $100,000 level and then the momentum faded, pushing it below $95,000.
Sui (SUI) will be a top crypto to watch this week as the Sui Foundation unlocks more tokens. EigenLayer (EIGEN) and StepN (GMT) are worth monitoring as well.
Sui
According to DeFi Llama, Sui tokens worth over $138 million will be unlocked on Tuesday, These tokens are part of the monthly unlocks that will happen until September 2069, when the total supply will reach 10 billion.
The four-hour chart shows that the SUI price peaked at $4.9536 this month and then dropped to the current $4.2. While it has moved below the 50-day moving average, it has also formed an inverse head and shoulders pattern, pointing to a potential rebound in the coming days.
A potential catalyst for the rebound is the January Effect, a situation where most assets rise during the month.
EigenLayer
EigenLayer is another top crypto watch this week because of an upcoming big unlock scheduled on Tuesday. The network, which runs the biggest restaking platforms, will unlock tokens worth $80 million or 1% of the total supply.
That unlock will bring the total unlocked tokens to about 28%.
The EIGEN token peaked at $5.6 in December and then moved into a bear market, falling by 40% to the current $3.42. The coin has moved below the 61.8% Fibonacci Retracement and the 25-moving average. It has formed a descending triangle pattern whose lower side is at $3.31.
EIGEN will likely have a bearish breakout and get to the psychological point at $3. Conversely, a bullish breakout above the descending trendline will point to more gains.
GMT
GMT will also be on the spotlight this week as it unlocks tokens worth $16.4 million, representing 1.5% of the float. The token unlock will happen on Saturday, Jan. 4.
The GMT price went parabolic on Friday, reaching a high of $0.2500 and then suffered a big reversal to the current $0.177.
It has moved to the strong, pivot, reverse point of the Murrey Math Lines, while the Relative Strength Index has moved from the extreme overbought point of 90 to the current 50.
While the path of the least resistance for GMT is downwards, the token may bounce back as traders buy the dip. If this happens, the next potential reference level to watch will be at $0.2075, top of the trading range.
Some of the other cryptocurrencies to watch this week will be Cetus Protocol, Cheelee, and Maverick Protocol.
