Cryptocurrencies on Edge Amid Holidays

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 before momentum faded, pushing it below $95,000.

Top Cryptos to Watch

Sui (SUI)

Sui (SUI) will be a top crypto to watch this week as the Sui Foundation unlocks more tokens. According to DeFi Llama, Sui tokens worth over $138 million will be unlocked on Tuesday. These tokens are part of monthly unlocks that will continue until September 2069, when the total supply reaches 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, indicating a potential rebound in the coming days. A possible catalyst for this rebound is the January Effect, where most assets typically rise during the month.

EigenLayer (EIGEN)

EigenLayer is another top crypto to monitor this week due to an upcoming significant unlock scheduled for Tuesday. The network, which operates the largest restaking platforms, will unlock tokens worth $80 million, or 1% of the total supply, bringing the total unlocked tokens to about 28%.

The EIGEN token peaked at $5.6 in December but fell into a bear market, losing 40% and reaching the current $3.42. It has dropped below the 61.8% Fibonacci retracement and the 25-moving average and has formed a descending triangle pattern with a lower boundary at $3.31. EIGEN may face a bearish breakout, reaching a psychological level at $3, or a bullish breakout above the descending trendline could suggest more gains.

StepN (GMT)

GMT will also be in the spotlight this week as it unlocks tokens worth $16.4 million, representing 1.5% of the float, on Saturday, Jan. 4.

The GMT price surged on Friday to a high of $0.2500 but then saw a significant reversal, dropping to the current $0.177. It has reached a strong pivot point according to the Murrey Math Lines, with the Relative Strength Index moving from an overbought state of 90 down to 50. While the least resistance path for GMT appears downward, a potential bounce-back may occur as traders buy the dip, targeting the next reference level at $0.2075, the top of the trading range.

Other Cryptos to Watch

Additional cryptocurrencies to keep an eye on this week include Cetus Protocol, Cheelee, and Maverick Protocol.

Read more: Shiba Inu coin price at risk as burn rate and Shibarium fees fall.