Crypto bulls kicked off the week on a high note, pushing Bitcoin to new 2024 highs and lifting the entire market to a staggering $3 trillion valuation. Now, a mix of macro catalysts — especially the Federal Reserve’s interest rate decision — and project-specific events are shaping this week’s watchlist.
Three tokens in particular — Immutable (IMX), Ethena (ENA), and IOTA — have major on-chain or structural events that could trigger fresh moves.
Immutable (IMX): Token Unlock Signals Fresh Liquidity Shift
The Immutable X protocol, which supports high-performance NFT and gaming ecosystems, is unlocking $10.4 million worth of tokens this Tuesday. Representing 1% of circulating supply, this unlock is one of the last remaining before the full release scheduled later this year.
IMX has rallied more than 75% from April lows, and the chart now shows a bullish inverse head-and-shoulders formation. If the unlock doesn’t spark heavy sell pressure, IMX may see a breakout continuation.
Ethena (ENA): Monthly Unlock May Lead to More Price Pressure
The creator of USDe — a rising stablecoin project — Ethena is scheduled to unlock $23 million in ENA tokens on May 5. While the project has ambitious goals and strong backers, its token price is reflecting caution.
ENA is trending downward, breaking below key moving averages and resistance zones. Analysts see the $0.25 and $0.20 levels as crucial support. This week’s unlock could either confirm bearish momentum or provide a surprise bounce if demand absorbs the new supply.
IOTA: “Rebased” Upgrade Poised to Reshape Its Future
Unlike the other two, IOTA is not facing a token unlock but is instead rolling out Rebased — its most comprehensive upgrade to date. Rebased will turn IOTA into a fully decentralized network, utilizing 150+ validators for security and integrity.
More importantly, the update introduces move-based smart contracts, opening the door to robust DApp development and a sustainable rewards system. These changes could finally help IOTA transition from a legacy project into a competitive smart contract platform.
In Summary
This week could be pivotal for crypto markets. While all eyes remain fixed on macro indicators, Immutable’s unlock, Ethena’s token release, and IOTA’s upgrade bring rich opportunities — and risks — for traders. Keep them on your radar for both volatility and breakout potential.
