Top cryptocurrencies to watch this week: Mantra, Optimism, Sui

Top cryptocurrencies to watch this week: Mantra, Optimism, Sui

Why Mantra, Optimism, and Sui are in Focus This Week: Token Unlocks and Market Moves

The cryptocurrency market saw significant action this past week, with Mantra (OM) reaching a record high, while both Optimism (OP) and Sui (SUI) prepare for major token unlock events. Here's a deeper look at the key factors driving these movements and the technical indicators that could shape the future of each token.

Mantra: Reaching New Heights Amid Real-World Asset Tokenization

Mantra (OM) made waves by hitting a new all-time high of $5.08 on Sunday. This surge aligns with our previous OM price prediction, spurred by recent developments in the world of tokenization. Specifically, BlackRock's CEO recently called for the approval of stock and bond tokenization by regulators, a stance that helped fuel Mantra’s rise. Additionally, the project secured a deal to tokenize DAMAC's real estate assets in Dubai, boosting its appeal.

On the daily chart, Mantra has formed a bullish flag pattern, which typically signals a continuation of an upward trend. The flagpole is at least 156% tall, and based on this, the price is projected to rise to $11 in the long term. Investors are likely watching closely for the continuation of this bullish pattern.

Optimism: Token Unlock Amid Price Pressure

Optimism (OP), the third-largest layer-2 network, is set to unlock $53 million worth of tokens, or about 1.48% of its total supply. Currently, Optimism has over 1.35 billion tokens in circulation out of a total supply of 4.29 billion. The unlock comes at a challenging time for the token, as it has experienced significant downward pressure, dropping 40.7% from its peak in November to a low of $1.6295.

At the moment, Optimism is holding a crucial support level at $1.6076, which it has struggled to break below since mid-December. However, it has formed a symmetrical triangle pattern, indicating potential volatility. A breakdown below the support level could lead to further downside, with analysts watching for a move toward $1.30, its lowest swing in November.

Sui: Bearish Pressure and Upcoming Token Unlock

Sui (SUI) is also preparing for a token unlock worth $138 million, or about 1.1% of its total float, set for Thursday. Only 37% of all SUI tokens have been unlocked, with the final release scheduled for 2069. Despite this upcoming unlock, Sui is facing bearish conditions. The coin has fallen 22% from its highest point this year and is currently trading below the lower side of its ascending channel.

Sui's technical indicators, including the 50-day moving average, Relative Strength Index (RSI), and MACD, are all signaling a downward trend. Given this technical bear market, Sui is likely to continue its decline, with the next key support level at $2.9415, which marks its lowest point from November 26.

Other Cryptos to Watch: Pi Network, Ethereum, and dYdX

As we head into the final week of January, other cryptocurrencies like Pi Network, Ethereum, and dYdX are also capturing attention. Pi Network is seeing its Know Your Customer (KYC) verification deadline come to a close on January 31, which could lead to increased activity. Meanwhile, Ethereum continues to be in the spotlight, with market participants closely monitoring its performance amid ongoing developments.

In summary, while Mantra is riding a bullish wave due to real-world asset tokenization, both Optimism and Sui are facing challenges, with major token unlocks on the horizon. Investors will be watching these developments closely to see how they impact each project's trajectory in the coming weeks.