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.
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.
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.
A $260M buyback program and strong USDe growth have reduced supply and boosted demand.
Resistance is at $0.70 and $0.772. Support lies at $0.65 and $0.56 if momentum fades.
The $25M unlock may create short-term selling pressure, but strong fundamentals could limit downside risk.
These days the integration of traditional assets into blockchain is not slow anymore; the sector…
Trump-backed World Liberty Financial (WLF) is stepping up its crypto game, launching new products and…
The financial markets are bracing their seats with tighter grip for heightened volatility as traders…
WisdomTree has registered its CoinDesk 20 Fund in Delaware, designed to track the top 20…
Bitcoin kicked off the week with a sharp drop, slipping under $112K and wiping out…
Following initial bullish momentum, Hyperliquid (HYPE) seems to have cooled over the past week. Market…