This week, the crypto industry will likely experience lower volumes amid the holiday season. Still, there are plenty of trends to track. Here are some of the top cryptocurrencies to watch this week. Hyperliquid price rally gains steam Hyperliquid ( HYPE ), which airdropped on Nov. 29, surged to a record high this week. On Sunday, it hit a high of $35.18, up from the airdrop listing price of $11, bringing its cumulative gains to almost 200%. Its market cap has jumped to $9.2 billion, and its fully diluted valuation to $33.7 billion. Hyperliquid’s performance is likely because of its strong market share in the decentralized perpetual trading industry. Data compiled by DeFi Llama shows that Hyperliquid handled perpetual futures volume of $52 billion in the last seven days. Jupiter, the second-biggest player in the industry, had a volume of $8.7 billion, while SynFutures processed $6 billion. Hyperliquid’s total value locked in its DeFi ecosystem also peaked at $3.4 billion, up from $188 million in October. Technically, HYPE price needs to rise above $34.8 to confirm the bullish breakout. This price is both its all-time high and the upper side of the ascending triangle pattern. A move above that level will point to more gains — possibly to $40. HYPE price chart | Source: crypto.news Hyperliquid was launched by Jeff Yan, the founder of Chameleon Trading. Horizen surges to 2022 highs Horizen ( ZEN ) price will be in the spotlight this week as the privacy-focused tokens continues soaring. It has risen in the last four consecutive days and surged to its highest level since May 2022. ZEN token jumped because Grayscale launched a Horizen Trust, which will give investors access to the coin. It was also listed on Gains Network, a decentralized derivatives trading platform built on the Polygon network. Investors cheered its final halving event on Dec. 12. Technicals point to more Horizen price gains since it formed a strong bottom at $6.30. It has risen above the important resistance level at $18, its highest swing on March 11. More gains could see it rise to the 23.6% retracement level at $45, which is 53% above the current level. Horizen price chart | Source: crypto.news Horizen, originally known as ZenCash, was founded by Rob Viglione and Rolf Versluis in 2017. Immutable X price drops ahead of token unlock The third coin on this week’s list of top cryptocurrencies is Immutable X ( IMX ). The token’s price has suffered a harsh reversal and moved to its lowest level since Nov. 21. Immutable, a blockchain company based in Sydney, Australia, will be in the spotlight this week as the network unlocks over 24.5 million IMX tokens valued at over $33 million. These unlocks are part of Immutable’s tokenomics, which sees a similar number of coins released in the market each month. Immutable now has 1.69 billion IMX tokens in circulation against a supply cap of 2 billion. According to CoinMarketCap , the final unlock will happen in November 2025. The IMX token, the Ethereum Layer 2 solution for NFTs and gaming, has retreated below the major S&R pivot point of the Murrey Math Lines at $1.5625. It is now approaching the ultimate support at $1.1720, which coincides with the ascending trendline that connects the lowest swing since August. Therefore, odds are that the coin will continue falling ahead of the unlock event on Dec. 27. IMX chart | Source: crypto.news Immutable X was founded by James Ferguson, Robbie Ferguson, and Alex Connolly in 2018. Other top cryptocurrencies to watch Upcoming token unlocks include Ethena ( ENA ), Cardano ( ADA ), Optimism ( OP ), and Sui ( SUI ). Read more: Chainlink price double bottoms as whales accumulate
