Price Analysis
  • Shrishesh Tanksalkar
    author-profile
    Shrishesh Tanksalkar right arrow
    Author

    Shrishesh is a versatile writer with 2+ years of experience in cryptocurrencies. An engineer turned storyteller, this selective introvert is a wannabe biker on weekends.

    • 1 minute read

    Ethena Price Rallies 6% as $25M Token Unlock Looms – Will Bulls Hold $0.70?

    Story Highlights
    • ENA price surges 6% in 24 hours, testing $0.70 resistance amid bullish sentiment

    • $25M token unlock today may add selling pressure to the rally

    • Breakout above $0.70 could target $0.85–$0.95, however, $0.65 is the key support level

    Ethena price is showing signs of strength ahead of a critical token unlock scheduled for today that could reshape the market dynamics. The ENA token has climbed 6.01% in a day and maintained an 8.8% weekly uptrend, now trading around $0.6843 with a market cap of $4.53 billion. Daily trading volume has jumped 46.44% to $540.72 million, with price action spanning between $0.6098 and $0.6903 in the last 24 hours.

    Today, approximately 40.6 million ENA tokens worth about $25 million will enter circulation. With only 42% of Ethena’s 15 billion total supply currently unlocked, this event could challenge the current rally’s momentum. Intriguing enough? Join me as I give you the potential price targets in this analysis.

    Ethena Price Analysis

    The recent upside move has been fueled by two primary drivers: a $260 million foundation-led buyback program absorbing around 3.5% of circulating supply. And rapid adoption of USDe stablecoins following the GENIUS Act, which has doubled supply to $11.6 billion. These factors have bolstered investor confidence even as ENA faces significant technical resistance.

    ENA price is testing the $0.70 barrier, with the next key level at the 23.6% Fibonacci retracement near $0.772. The MACD indicator suggests that the bearish momentum is weakening, opening the door for a potential breakout. A sustained close above $0.70 could pave the way toward $0.85–$0.95.

    ENA price 2-9-25

    The RSI sits near 61.66, showing bullish momentum without reaching overbought territory. This gives room for further gains, though failure to maintain support at $0.65 could possibly lead to profit-taking and a retest of $0.56.

    FAQs

    Why is ENA’s price up today?

    A $260M buyback program and strong USDe growth have reduced supply and boosted demand.

    What price levels should traders watch?

    Resistance is at $0.70 and $0.772. Support lies at $0.65 and $0.56 if momentum fades.

    How will today’s token unlock affect ENA?

    The $25M unlock may create short-term selling pressure, but strong fundamentals could limit downside risk.

    Show More

    Related Articles

    Back to top button