The crypto market is bracing for a significant wave of token unlocks as June transitions into July, with approximately $150 million worth of digital assets scheduled to enter circulation. These unlocks—especially for major altcoins—can trigger short-term volatility, influence investor sentiment, and reshape price trajectories. While some projects are releasing relatively small portions of their circulating supply, others face larger dilution risks that could pressure prices.
In this analysis, we spotlight three key altcoins—Sui (SUI), Optimism (OP), and Ethena (ENA)—that are at the center of next week’s unlock events. We’ll break down the volume and value of tokens being released, assess technical indicators, and explore potential price movements in the coming days.
Sui (SUI): $116.6M Unlock Amid Bearish Signals
Leading the pack is Sui (SUI), the native token of the high-performance Layer-1 blockchain Sui. On July 1, the network will unlock 44 million SUI tokens, equivalent to 1.30% of its circulating supply and valued at $116.59 million.
Historically, large token unlocks on Sui have correlated with increased volatility. The sudden influx of supply often leads to short-term selling pressure, especially if demand fails to keep pace. However, Sui has shown resilience—prices typically recover within days or weeks post-unlock, driven by renewed developer activity or ecosystem growth.
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But current market conditions suggest a tougher road ahead. As of now, SUI trades around $2.65, down nearly 50% from its all-time high. The daily chart reveals a bearish descending channel, a classic sign of sustained downtrend. More concerning is the formation of a death cross, where the 20-day Exponential Moving Average (EMA) has dipped below the 50-day EMA—often interpreted as a strong bearish signal.
If selling pressure intensifies ahead of the unlock, SUI could test support levels at $2.10**, with a worst-case scenario targeting **$1.92. However, if buying interest surges and absorbs the new supply, a rebound toward $3.11 remains possible—especially if broader market sentiment improves.
Optimism (OP): Modest Unlock, High Risk
Next up is Optimism (OP), the governance token of one of Ethereum’s most widely used Layer-2 scaling solutions. On June 30, 31.34 million OP tokens will be unlocked—valued at over $16 million and representing 1.79% of circulating supply.
Though the dollar amount is smaller compared to SUI, the timing raises concerns. OP recently hit a new all-time low on June 18, reflecting weak investor confidence and dwindling demand. With additional supply entering the market, the risk of further downside increases.
Technically, OP is forming a falling wedge pattern on the daily chart—a structure that can signal either continuation or reversal depending on breakout direction. However, the Moving Average Convergence Divergence (MACD) remains negative, indicating ongoing bearish momentum.
Without a strong bullish catalyst, OP may struggle to reclaim resistance levels. A breakdown could push prices below $0.40**, potentially retesting or even breaking below the recent low. Conversely, a confirmed breakout above the wedge’s upper boundary—supported by rising volume—could ignite a rally toward **$1.00.
This moment represents a critical juncture: will Optimism regain its narrative as a cornerstone of Ethereum’s scaling roadmap, or continue its descent amid macro headwinds?
Ethena (ENA): $10M Unlock Adds Pressure to Struggling Token
Rounding out our list is Ethena (ENA), the native token of the synthetic dollar protocol that gained rapid traction earlier in 2025. On July 2, Ethena will release 171.88 million ENA tokens, worth over $10 million, accounting for 0.67% of circulating supply.
ENA has already been under pressure this month, with prices plunging more than 35%. The upcoming unlock may exacerbate downward momentum, especially if early holders decide to offload newly unlocked tokens.
On the 4-hour chart, ENA is trading within a symmetrical triangle, a neutral pattern that typically precedes a breakout in either direction. However, momentum indicators paint a bearish picture: the Bull Bear Power (BBP) indicator shows consistent negative values, signaling that sellers are in control.
A breakdown below the triangle’s lower trendline could send ENA tumbling toward $0.22**. Alternatively, sustained buying pressure might trigger a breakout to the upside, with targets near **$0.31 if momentum builds.
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Given Ethena’s reliance on staked ETH yields and stablecoin dynamics, macro conditions—including ETH performance and interest rate expectations—will also play a crucial role in shaping ENA’s recovery path.
Core Keywords
- Token unlocks
- Sui (SUI) price prediction
- Optimism (OP) unlock
- Ethena (ENA) token release
- Crypto market volatility
- Altcoin analysis
- Layer-1 blockchain
- Layer-2 scaling
Frequently Asked Questions (FAQ)
What are token unlocks in crypto?
Token unlocks refer to the scheduled release of previously locked tokens—often allocated to team members, investors, or ecosystem funds—that become eligible for circulation after a set period. These events can increase market supply and influence price dynamics.
Why do token unlocks affect crypto prices?
When large volumes of tokens are unlocked, they can flood the market if holders choose to sell immediately. This surge in supply—especially without matching demand—can drive prices down due to increased selling pressure.
Are all token unlocks bad for investors?
Not necessarily. While short-term price dips are common, unlocks aren’t inherently negative. If the project demonstrates strong fundamentals and growing adoption, new supply can be absorbed by demand, minimizing impact or even setting up future rallies.
How can traders prepare for token unlock events?
Traders should monitor unlock schedules via platforms like Tokenomist or CoinMarketCap, assess historical price reactions, review technical indicators, and consider hedging strategies such as options or stop-loss orders ahead of high-risk events.
Can positive news offset the impact of a token unlock?
Yes. Strong project developments—such as product launches, partnerships, or exchange listings—can boost investor confidence and attract buying interest that counterbalances new supply from unlocks.
What time do token unlocks usually happen?
Unlocks are typically executed at block level and occur around specific dates rather than exact times. Most platforms list them by date only, though some protocols may specify timestamps based on blockchain activity.
Final Thoughts
With over $150 million in token unlocks concentrated across just a few major altcoins next week, market participants should remain vigilant. While Sui faces the largest financial impact, Optimism and Ethena carry their own risks due to fragile technical structures and weak momentum.
Understanding unlock schedules is no longer optional—it's essential for risk management in today’s mature crypto landscape. By combining fundamental awareness with technical analysis and strategic planning, investors can better navigate these recurring events and position themselves for long-term success.
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