Token unlock pressure builds for ENA, KAS, and MOVE | Credit: Veronica Cestari
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Key Takeaways
With 171.88 million ENA set to unlock, price risks falling to $0.25 unless demand rises enough to offset the supply shock.
Despite a $13 million unlock, KAS shows bullish momentum and could climb above $0.11, possibly reaching $0.14 if the trend holds.
After a controversy-induced plunge, RSI signals a potential bounce; however, the upcoming 50 million MOVE unlock may limit gains.
With a new month, the crypto market braces for some altcoin token unlocks. These unlocks, scheduled for the second week of May, involve the release of previously restricted tokens into circulation.
In a few cases, prices of altcoins jump ahead of these unlocks and afterwards. However, most experience correction in most cases since increased supply causes higher selling pressure.
In this analysis, CCN reveals that the top three altcoins are expected to circulate more tokens next week. We also analyze how the events could impact their respective prices.
Ethena (ENA)
ENA, the native cryptocurrency of synthetic-dollar provider Ethena, is part of the altcoins set for token unlocks next week. According to Tokenomist (previously Token Unlocks), the ENA token unlock will occur on May 5.
On the mentioned date, Ethena is expected to release 171.88 million ENA, representing 3.10% of its circulating supply, into circulation. The altcoin’s current price is worth nearly $53 million.
At press time, ENA’s price is around $0.31, representing a 17% decline in the last seven days. However, it does not seem like ENA will experience respite soon.
One reason is that the altcoin still trades within a descending channel on the daily chart. Besides that, the Awesome Oscillator (AO) has flashed red histogram bars, indicating that momentum around ENA remains bearish.
Should this trend remain the same, the altcoin’s value might drop to $0.25 ahead of its token unlock. However, if demand for ENA exceeds the upcoming supply shock, this forecast might not come to pass.
In that scenario, ENA’s price might break above the upper trendline of the descending channel. If that is the case, the altcoin might surge to $0.51 or as high as $0.67.
Kaspa (KAS)
Kaspa is also one of the altcoins billed for a token unlock next week. According to data, the project plans to release 144.64 million KAS on May 7.
This figure represents 0.55% of the circulating supply and is valued at over $13 million. Unlike ENA, KAS might not experience a severe correction before unlocking.
Based on the daily chart, the Moving Average Convergence Divergence (MACD) has a positive reading, indicating bullish momentum around the cryptocurrency.
Should this trend continue, Kaspa’s price might rally above the resistance at $0.11. If validated, the altcoin’s value might climb to $0.14.
On the contrary, this prediction might be invalidated if momentum becomes bearish. If that happens, then KAS might pull back to $0.083.
Movement (MOVE)
MOVE is the third on the list of altcoins set for token unlocks next week. Recently, the altcoin has been embroiled in controversy, leading the project to suspend its co-founder.
The controversy also triggered a sharp decline in MOVE’s price. Despite that, Movement Labs plans to circulate 50 million MOVE tokens on May 9, equivalent to 2% of the total supply.
At the current price, the unlocked tokens are valued at approximately $10.05 million. On the daily chart, the price decrease forced MOVE’s price into the oversold region, as indicated by the Relative Strength Index (RSI).
But as of this writing, the RSI reading seems to be reversing upwards, indicating that a bullish turnaround could be next. If this reading continues to increase, the market value could climb to $0.33.
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.
