With token unlocks on deck, SUI, EIGEN, and ENA prices may swing wildly | Credit: Veronica Cestari
Share
Key Takeaways
SUI might face turbulence ahead of a 44 million token unlock on Oct. 1.
EigenLayer will release 38.82 million tokens, potentially creating volatility.
The smaller ENA unlock on Oct. 2 may still spark a notable price swing.
The crypto market appears to be bracing for a rocky close to September. While a handful of altcoins managed to hit escape velocity, the majority have posted negative returns this month.
As we head into the final stretch, specific tokens stand out as potential volatility magnets.
In this analysis, CCN highlights the coins most likely to see major price swings, explains the catalysts driving that risk, and breaks down what could lie ahead for their valuations.
Sui (SUI)
One reason SUI could face extreme volatility is its upcoming token unlock. On Oct. 1, the project will release 44 million coins, representing 1.23% of its circulating supply valued at roughly $138 million.
Unlock events are mostly double-edged swords. On the bearish side, the sudden influx of supply can trigger selling pressure.
With SUI already under pressure, the looming unlock could fuel caution and encourage traders to front-run potential exits, dragging the price lower toward the end of September.
On the bullish side, however, not all unlocks lead to sell-offs. If demand rises, SUI’s price could absorb the extra supply. In such a scenario, the event might even become a springboard for a bounce.
In short, the days leading up to the Oct. 1 unlock will likely be turbulent. From a technical perspective, the daily chart shows that SUI’s price seems to have found a bottom.
As seen below, the Chaikin Money Flow (CMF) has bounced above the zero signal line. While the altcoin might face a brief drop below $3 before the token unlock, it will likely rebound.
Historically, SUI’s price prints double-digit gains after the token unlock. If history rhymes, SUI might breach the resistance at $3.62, possibly taking the altcoin’s price above $4.
However, a breakdown below the $2.80 support could send the value below $2.30.
EigenLayer (EIGEN)
Like SUI, EIGEN is one of the altcoins bracing for a major token unlock on Oct. 1. On that day, the project will release 38.82 million EIGEN, equal to 13.77% of its circulating supply and valued at roughly $62.59 million.
Such a large unlock relative to supply sets the stage for heightened volatility. If recipients rush to sell, the sudden wave of tokens could exert heavy downward pressure on EIGEN’s price.
Get These Top Crypto Casino Offers Now!
Sponsored
Disclosure
We sometimes use affiliate links in our content, when clicking on those we might receive a commission at no extra cost to you. By using this website you agree to our terms and conditions and privacy policy.
On the flip side, if market sentiment stays strong and liquidity is deep enough to absorb the release, the event could pass with less disruption—or even attract opportunistic buyers looking to accumulate at lower levels.
Either way, with over 13% of supply hitting the market in one shot, traders should expect swings in EIGEN’s price as September winds down.
At press time, EIGEN trades 70% below its all-time high, but the charts hint at a possible rebound. During the 4-hour timeframe, the altcoin has carved out a bull flag, a pattern that precedes the continuation of the upside.
Supporting this view, the Money Flow Index (MFI) has climbed to 66.55, suggesting that buying pressure is building. If momentum holds and EIGEN breaks above the flag’s upper trendline, the move could validate a rally toward $2.10.
However, the setup remains fragile. If bears step back in and lower the price, the bullish thesis may be invalidated, and EIGEN could sink toward $1.34 instead.
Ethena (ENA)
Ethena (ENA) rounds out the list of altcoins poised for volatility. Unlike SUI and EIGEN, whose unlocks fall on Oct. 1, ENA’s event is scheduled for Oct. 2.
On that day, the project will release 40.63 million ENA tokens, valued at roughly $23.43 million. This represents 0.62% of its circulating supply.
While smaller relative to SUI and EIGEN, the unlock could still spark turbulence.
Looking at the technical setup, the 4-hour chart reveals a bullish divergence for ENA. Despite the token’s 15% drop over the past seven days, momentum indicators are starting to shift.
Notably, the Moving Average Convergence Divergence (MACD) has formed a bullish crossover, hinting that sellers may be losing strength and buyers are gradually regaining control.
This divergence between price action and momentum could set the stage for a short-term rebound if demand builds. If this trend continues, Ethena’s price might retest the resistance at $0.63.
If that happens, the next target for the altcoin could be $0.67. However, failure to breach the overhead resistance might change things, and ENA might slide below $0.55.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
