Some of the top cryptocurrencies to watch this week will be Mantra, Sui, and Optimism.
Why? The cryptocurrency market saw Mantra (OM) reach a new record high Sunday, while Optimism (OP) plans a $53 million token unlock. Sui (SUI), currently on a bearish trajectory, is set to unlock $138 million in tokens this week.
Read on for a more detailed look at the technicals and what the trajectory of each token shows.
Mantra: The top crypto project in the real-world asset (RWA) tokenization industry jumped to a record high of $5.08. That rebound was in line with our recent OM price prediction.
Mantra soared because of the recent call by BlackRock’s CEO for regulators to approve the tokenization of stocks and bonds. It also reached a deal to tokenize DAMAC’s real estate projects in Dubai.
The daily chart reveals that the Mantra price has formed a bullish flag chart pattern, a popular continuation sign. This pattern comprises a long vertical line and a rectangle pattern, and is then followed by a bullish breakout.
Mantra’s flag pole is at least 156% tall. As such, measuring the same distance from $4.53 means the coin is expected to rise to $11 in the long term.
Optimism: The third-biggest layer-2 network prepares to unlock tokens worth over $53 million or 1.48% of the float. It now has over 1.35 billion tokens in circulation against a total supply of 4.29 billion.
Optimism’s unlock comes when the token has been under pressure in the past few months. It has dropped to a low of $1.6295, down by 40.7% from its highest level in November.
Optimism is hovering at the key support at $1.6076, where it failed to move below since Dec. 20. It has also formed a symmetrical triangle pattern. Therefore, a break below that level will likely point to more downside, potentially to $1.30, its lowest swing in November last year.
Sui: Like Optimism, Sui will also have a big unlock worth $138 million or 1.1% of the float on Thursday. Only 37% of all SUI tokens have been unlocked, with the final one expected to happen in 2069.
Sui’s token unlock comes when it is in a technical bear market after falling 22% from its highest level this year. It has moved below the lower side of the ascending channel.
The coin has moved below the 50-day moving average, while the Relative Strength Index and the MACD have continued falling. Therefore, the coin will likely continue falling, with the next point to watch being at $2.9415, its lowest point on Nov. 26.
The other top coins to watch this week will be Pi Network, Ethereum, and dYdX.
Pi Network’s know-your-customer verification deadline will end on Jan. 31. Ethereum will be in the spotlight as the market watches the controversy with the Ethereum Foundation.
DYdX will unlock tokens worth $9.6 million on Wednesday.
