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.
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