Key Takeaways
- On July 1, Sui will unlock 44 million SUI tokens, representing 1.30% of its circulating supply valued at $116.59 million.
- Optimism is set to unlock 31.34 million OP on June 30, equating to 1.79% of its circulating supply, worth over $16 million.
- Ethena will release 171.88 million ENA on July 2, representing 0.67% of its circulating supply, valued at over $10 million.
Next week marks the end of June and the beginning of July. As the calendar turns, the crypto market is preparing for a wave of crypto token unlocks, with CCN’s analysis revealing a combined value of approximately $150 million.
While some of these cliff unlocks involve relatively small allocations, others represent huge portions of the circulating supply.
In this analysis, CCN highlights three altcoins leading next week’s unlock schedule, including details on how much supply will be released and the likely short-term impact on prices.
Sui (SUI)
SUI, the native coin of layer-1 blockchain Sui, leads next week’s crypto token unlocks. According to Tokenomist, the project will unlock 44 million coins on Tuesday, July 1.
This represents 1.30% of the circulating supply. As of this writing, it is worth $116.59 million.
On previous occasions, large SUI unlocks have driven high volatility. In some cases, the increase in supply pushes the price down.
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However, unlike other altcoins, SUI does not take long to recover. Most often, the price surges days or weeks after such an event.
But this time, SUI’s price might have to wait a little longer for recovery. As of this writing, the altcoin trades at 2.65, representing a 50% decline from its all-time high.
On the daily chart, it is trading in a bearish descending channel. A closer look also shows that SUI has formed a death cross with the Exponential Moving Average (EMA).
The 20 EMA (blue) has crossed below the 50 EMA (yellow). If this trend continues, SUI risks another breakdown ahead of the token unlock.
Regarding the short-term targets, SUI could drop to $2.10 or as low as $1.92.
On the contrary, if demand for the cryptocurrency matched the upcoming supply, it might resist a correction. Instead, its market value could rise to $3.11.
Optimism (OP)
Unlike Sui’s high-stakes unlock, Ethereum layer-2 project Optimism has a more modest event. According to available data, Optimism is set to unlock 31.34 million OP tokens (1.79% of the circulating supply), valued at just over $16 million.
While the dollar value of Optimism’s upcoming unlock may be lower than Sui’s, the potential price impact could be more severe. Notably, OP recently fell to a new all-time low on June 18, signaling growing vulnerability in the market.
With demand currently weak and supply set to increase, OP’s price could revisit —or even fall below its recent low. From a technical point of view, OP has formed a falling wedge on the daily chart.
However, the Moving Average Convergence Divergence (MACD) is negative, indicating bearish momentum. Should this trend remain the same, the Optimism crypto price might struggle to break above resistance.
In a case like that, it could decline below $0.40. However, this might not be the case if the token experiences a bullish crossover.
Instead, high demand could drive OP’s price above the upper trendline of the falling wedge. Once that happens, the token could rise toward $1.
Ethena (ENA)
Rounding out the list of next week’s crypto token unlocks is ENA, the native token of the synthetic dollar protocol Ethena. S
So far this month, ENA’s price has plunged by more than 35%.
While current holders may be hoping for a turnaround, those hopes may be short-lived, as the project is scheduled to unlock 171.88 million ENA tokens on June 30.
This allocation, representing 0.67% of the total circulating supply, is valued at over $10 million and could add to the ongoing downward momentum.
On the 4-hour chart, ENA’s price trades in a symmetrical triangle. However, the Bull Bear Power (BBP) shows a negative reading.
This indicates that bears are dominant, and the altcoin will likely see more downward pressure. The token might drop below the lower trendline of the triangle before or after the unlock.
If this is the case, ENA’s price might decline to $0.22. On the other hand, a rise in demand for ENA might invalidate that outlook, and the price could break higher toward $0.31.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
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