Currencies remained on edge last week as volume dried up due to the Christmas holidays.
The Santa Claus collection pushed Bitcoin (BTC) near the $100,000 level and then trended lower, pushing it below $95,000.
Sui (SUI) is a major crypto to watch this week as the Sui Foundation unlocks more tokens. Eigen series (NIGHT) and StepN (GMT) is also worth keeping an eye on.
Sit
according to Call DeFiSui tokens worth more than $ 138 million will be solved on Tuesday, These tokens are part of the monthly solutions that will happen until September 2069, when the total supply reaches 10 billion.
The four hour chart shows that the price of SUI peaked at $4.9536 this month and then fell to the current $4.2. While it has moved below the 50-day moving average, it has also formed an upside head and shoulders pattern, indicating a possible reversal in the coming days.
It is the influence of January that could be the impetus for the rebound, a situation where most assets rise during the month.
EigenLayer
EigenLayer is another top crypto watch this week because of a big release coming up on Tuesday. The network, which runs the largest recapture platforms, will unlock tokens worth $80 million or 1% of the total supply.
That solution brings the total unlocked tokens to about 28%.
The EIGEN token peaked at $5.6 in December and then moved into a bear market, falling 40% to the current $3.42. The bottom has moved below the 61.8% Fibonacci Retracement and the 25 moving average. It has formed a descending triangle pattern with the lower side at $3.31.
EIGEN is likely to have a bearish breakout and reach a psychological level at $3. On the other hand, a bullish break above the downtrend line indicates more gains.
GMT
GMT will also be in the spotlight this week as it unlocks $16.4 million worth of tokens, representing 1.5% of the series. The token release will take place on Saturday, January 4th.
The GMT price went parabolic on Friday, reaching a high of $0.2500 and then suffered a sharp reversal to the current $0.177.
It has moved to a strong, pivot, reverse point of the Murray Math Lines, while the Relative Strength Index has moved from the actual overbought point of 90 to the current 50.
While the path of least resistance for GMT is going down, the indicator could bounce back as traders buy the dip. If this happens, the next reference level to watch will be at $0.2075, at the top of the trading range.
Some of the other cryptocurrencies to watch this week are Cetus Protocol, Cheelee, and Maverick Protocol.
