Top Token Unlocks This Week: EIGEN, ENA, & IMX

Token unlocks are critical events in the lifecycle of cryptocurrencies, often influencing market dynamics and investor sentiment. These unlocks release a portion of the total token supply into circulation, which can impact liquidity, price action, and trading volume. In this article, we analyze the upcoming token unlocks for three prominent cryptocurrencies: EIGEN, ENA, and IMX. By examining key metrics such as price movements, and technical indicators we aim to provide insights into how these events could shape the market outlook for each token.

EIGEN

According to CoinMarketCap, EigenLayer has been trading at a price of $2.87 at press time. Its price has declined by 9.03% in the last day and has a market cap of $604.01M. The 24-hour trading volume has increased by 61.13%, reaching $132.62M, indicating heightened market activity. EIGEN has no max supply, and there are about 210.8M EIGEN in circulation. On 21 January 2025, about 1.29M EIGEN, corresponding to 0.55% of circulation supply worth $3.69M will be unlocked. 

The RSI value at 38.35 indicates that the coin is nearing oversold territory and the MACD line trading below the signal represents a bearish momentum. Based on these technical indicators, EIGEN is currently bearish.     

ENA

At the time of writing, ENA is trading at $0.8786, a decline of 0.54% in the past 24 hours and 1.75% in the last 7 days. It has a trading volume of $644.56M, a rise of 13.24%, and a market cap of $2.66B. Ethena has unlocked 13.88% or 2.08B ENA and is about to unlock an additional 0.42% of circulation supply (12.86M ENA) worth $11.32M on 22 January 2025. 

The Relative Strength Index is at 44.67, which represents the coin is in neutral territory, neither oversold nor overbought. But, based on the chart, the RSI is likely heading towards oversold territory. The Moving Average Convergence Divergence (MACD) line is below the signal line which points to a bearish momentum. 

Related: Ethena Price Prediction 2025-35: Will It Hit $20 by 2035?

IMX

At the time of publication, IMX has a price of $1.28, a rise of 3.01% in the past seven days. Immutable has a market capitalization of $2.2B and the 24-hour trading volume has surged by 20.19%, to $74.3M. The coin has unlocked 86.52% of the circulation supply and has an FDV (Fully-diluted value) of $2.55B. On 24 January 2025, 24.52M IMX, which is about 1.43% of Cir. supply and worth $31.38M will be released into circulation. 

The RSI value of 43.73 indicates that the coin is nearing oversold and the MACD line above the signal line points to bullish momentum. However, the narrowing gap between the two lines could indicate a potential crossover and the decreasing histogram suggests a weakening of bullish momentum.

Conclusion

Token unlocks for EIGEN, ENA, and IMX are likely to influence market dynamics, creating potential price fluctuations and heightened trading activity. EIGEN and ENA exhibit bearish momentum based on technical indicators like RSI and MACD, while IMX shows a mix of bullish and weakening momentum ahead of their token unlocks. Investors should closely monitor these unlocks as they could impact liquidity and market sentiment, offering opportunities for both short-term trades and long-term strategies in the volatile crypto market.

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