Top Token Unlocks of This Week: EIGEN, XDC, KAS and ENA

Token unlocks play a crucial role in the crypto market, influencing supply dynamics and price movements. As previously locked tokens are released into circulation, they can create selling pressure or spark renewed interest in a project. In this article, we’ll explore the upcoming token unlocks for EIGEN, XDC, KAS, and ENA, analyzing their potential impact based on market data and technical indicators.

EIGEN

At the time of writing, according to CoinMarketCap, the price of EigenLayer is $1.87, a decline of more than 25% in the past day. The coin has a market capitalization of $438.57M and a volume of $386.28M, rising 198.89% in the last 24-hours. It has an FDV of $3.18B and an infinite supply. There are about 234.97M EIGEN in circulation, and an additional 1.29M EIGEN (0.55% of cir.supply) worth $2.38M will be unlocked on February 4, 2025. 

The technical indicators like RSI and MACD point towards a bearish momentum, with the RSI at 31.73 (near oversold territory) and the MACD line below the signal line, along with a negative histogram. 

XDC

At press time, XDC is trading at a price of $0.09127, declining 5.38% in the last 7 days and 12.35% in the past 24-hours. Its trading volume has increased by 46.61%, reaching $82.85M, and has a market cap of $1.36B. About 841.18M XDC, which amounts to 5.36% of circulation supply and worth $75.69M, will be released into circulation on February 5, 2025. 

The RSI has a value of 39.81, and based on the graph, it is heading towards oversold territory. MACD line at -0.00075 and signal line at 0.00318 indicates bearish momentum. 

KAS

Kaspa has a value of $0.1021 and a market cap of $2.61B at the time of publication. In the last 24-hours, the coin price has declined by 16.31%, but the trading volume surged by 481.97% to $361.7M. It has a circulation supply of 25.66B KAS and a max supply of 28.7B KAS. On February 5, 2025, about 172.01M KAS (0.67% of cir.supply) worth $17.58M will be unlocked.   

Based on technical indicators like the RSI and MACD, the coin is experiencing a short-term bearish momentum. The RSI has a value of 32.91, and the MACD line trading below the signal line, along with the histogram at -0.002531, confirms bearish momentum and further downside movement.  

ENA

Ethena is trading at $0.6007 at press time and has a rising trading volume of 196.20%, reaching $802.53M in the past day. Its price has declined 9.67% in 1-day and a market cap of $1.87B. The coin has a circulation supply of 3.12B ENA and no maximum supply. About 0.25% of the circulation supply, which is about 7.93M ENA and worth $4.81M, will be unlocked on February 5, 2025.  

The Relative Strength Index at 33.80 and a Moving Average Convergence Divergence line below the signal line suggest that the coin is in a bearish momentum. 

Conclusion

The token unlocks for EIGEN, XDC, KAS, and ENA could introduce increased volatility in the market. With technical indicators like RSI and MACD signaling bearish momentum investors should remain cautious and monitor the price movements closely. While unlocking events often creates short-term selling pressure, they can also present potential buying opportunities depending on market sentiment and broader crypto trends. Staying informed and assessing market conditions will be crucial for investors in making well-informed decisions.

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