Ethena (ENA) up 2.8%: $119.5M Token Unlock Looms as Price Clears $0.713 Trendline
Ethena’s tape has a pulse. Token is at $0.7122, up 2.8% in 24 hours on $769.6M volume. $4.72B market cap and 6.62B ENA (max 15B)...
Quick overview
- Ethena's token (ENA) is currently priced at $0.7122, showing a 2.8% increase in the last 24 hours with a market cap of $4.72B.
- A significant unlock of 171.88M ENA is set for Friday, which could impact the token's price due to its size being 2.69% of the float.
- Open interest in derivatives has risen by 5%, indicating fresh positioning ahead of the unlock event.
- Technical indicators suggest a bullish momentum shift, with key resistance levels at $0.725 and potential targets at $0.747 and $0.774.
Ethena’s tape has a pulse. Token is at $0.7122, up 2.8% in 24 hours on $769.6M volume. $4.72B market cap and 6.62B ENA (max 15B) means it’s a mid-cap on most crypto charts. Confidence is up after 40.63M ENA (0.64% of float) hit the market Tuesday without forced selling.
At the same time, derivatives positioning is constructive: open interest up 5% in a day from $1.27B to $1.27B to $1.34B to $1.27B. Open interest in a 5-minute to $1.34B, a $60M influx that often precedes higher realized volatility.
Token unlocks: risk vs reward
The test is Friday. 171.88M ENA (2.69% of float and $119.54M) will unlock. 93.75M goes to core contributors; the rest to investors. That’s a big float expansion and a classic catalyst for price discovery in both directions.
The bull case is simple: spot demand is strong, funding is constructive, and distribution is disciplined. The bear case: early holders take profits and push the token back into its range.
Why this matters now
- Unlock size is ~2.69% of float—big enough to move price.
- OI up 5% means fresh positioning into the event.
- No sell-off after Tuesday’s 40.63M release suggests stronger hands.
- Liquidity is ample: $769.6M 24-hour volume means two-way trade.
ENA/USDT Technicals Outlook
Technicals finally line up with the narrative. ENA/USDT broke the descending trendline that capped price since late August, reclaimed $0.713, and printed higher lows. Price is above the 50-EMA ($0.668) and 200-EMA ($0.664)—a textbook momentum shift.
Candles are strong-bodied with near bullish-engulfing character, RSI ~65 means strength without exhaustion. Resistance is $0.725; above that and we’re looking at $0.747 and $0.774 (where supply previously showed up).
Supports at $0.699 and $0.667; below $0.667 and we’re looking at $0.638.Simple traders: buy the dip at $0.705-$0.699 with stop below $0.667. First target: $0.747; max $0.774. With Friday’s unlock, size and stops matter more than hype.
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