This Week in Crypto: Trends to Monitor Amid Holiday Slowdown
Anticipation is building in the cryptocurrency market this week, with expectations of diminished trading volumes due to the holiday season. Nonetheless, there are significant developments and trends to follow. Below are some key cryptocurrencies that investors should keep an eye on this week.
Hyperliquid’s Remarkable Price Surge
Hyperliquid (HYPE) has been making headlines following its airdrop on November 29, as it skyrocketed to an all-time high this week. On Sunday, the price peaked at $35.18, a notable increase from its initial airdrop listing price of $11, marking an impressive nearly 200% rise. The market capitalization of Hyperliquid has soared to $9.2 billion, with a fully diluted valuation reaching $33.7 billion. This surge can be attributed to its significant market presence within the decentralized perpetual trading sector. Recent data from DeFi Llama indicates that Hyperliquid recorded a staggering $52 billion in perpetual futures trading volume over the past week, far surpassing its closest competitor, Jupiter, which managed $8.7 billion, and SynFutures at $6 billion. Additionally, Hyperliquid’s total value locked in its DeFi ecosystem has surged to $3.4 billion, a dramatic rise from $188 million in October. For HYPE to confirm its bullish trend, it needs to surpass the $34.8 mark, which represents both its all-time high and the upper boundary of its ascending triangle pattern. A breakout above this level could pave the way for further gains, potentially reaching $40. Hyperliquid was co-founded by Jeff Yan, who is also the founder of Chameleon Trading.
Horizen Reaches New Heights
This week, Horizen (ZEN) is drawing attention as its price continues to climb, achieving its highest levels since May 2022. The token has experienced four consecutive days of price increases, largely fueled by the launch of a Horizen Trust by Grayscale, which provides investors with access to ZEN. Additionally, its listing on the Gains Network, a decentralized derivatives trading platform on the Polygon blockchain, has further buoyed its value. Investors are particularly optimistic about the upcoming halving event scheduled for December 12. Technical analysis suggests that Horizen’s price may continue to rise, having established a solid support level at $6.30. With the recent breakout above the critical resistance level of $18—its highest price since March 11—further increases could see the token approach the 23.6% retracement level around $45, representing a potential 53% rise from its current price. Horizen, initially known as ZenCash, was founded in 2017 by Rob Viglione and Rolf Versluis.
Immutable X Faces Price Decline Ahead of Token Unlock
Immutable X (IMX), another cryptocurrency on this week’s watchlist, has experienced a significant price drop, reaching its lowest point since November 21. The Australian blockchain firm is preparing for the release of more than 24.5 million IMX tokens, valued at over $33 million, as part of its tokenomics strategy, which includes regular monthly token releases. Currently, there are 1.69 billion IMX tokens in circulation, out of a total supply capped at 2 billion, with the final unlock scheduled for November 2025. The IMX token, which serves as an Ethereum Layer 2 solution for NFTs and gaming, has fallen below a critical support and resistance level identified by the Murrey Math Lines at $1.5625. It is now approaching a vital support level at $1.1720, which aligns with an ascending trendline connecting its lowest swing points since August. As a result, the token may continue to decline leading up to the unlock event set for December 27. Immutable X was co-founded by James Ferguson, Robbie Ferguson, and Alex Connolly in 2018.
Other Key Cryptocurrencies to Monitor
In addition to those mentioned, investors should also keep an eye on upcoming token unlocks for Ethena (ENA), Cardano (ADA), Optimism (OP), and Sui (SUI).
