Cryptocurrencies remained tight last week as volumes dried up due to the Christmas holidays.
The Santa Claus rally brought Bitcoin (BTC) close to $100,000, but then the momentum faded and pushed Bitcoin below $95,000.
Sui (SUI) will be one of the top cryptocurrencies to watch this week as the Sui Foundation unlocks more tokens. EigenLayer (EIGEN) and StepN (GMT) are also worth watching.
Sui
According to DeFi Llama, over $138 million worth of Sui tokens will be unlocked on Tuesday. These tokens are part of the monthly unlocks that will occur until September 2069, when the total supply will reach 10 billion.
The four-hour chart shows that SUI price peaked at $4.9536 this month and then fell to the current level of $4.2. While it has moved below the 50-day moving average, it has also formed an inverted head and shoulders pattern, indicating a possible recovery in the coming days.
A potential catalyst for recovery is the January effect, a situation in which most assets rise over the course of the month.
EigenLayer
EigenLayer is another top cryptocurrency watch this week with a major unlock scheduled for Tuesday. The network, which operates the largest restaking platforms, will unlock $80 million worth of tokens, or 1% of the total supply.
This unlocking increases the total number of unlocked tokens to approximately 28%.
The EIGEN token peaked at $5.6 in December and then entered a bear market where it fell 40% to currently $3.42. The coin has moved below the 61.8% Fibonacci retracement and the 25 moving average. It has formed a descending triangle pattern with the bottom side at…
