Ethena’s ENA Token Faces Pressure Amidst Upcoming Unlock
Ethena’s native token, ENA, is currently trading at $0.2546, showing a 4% drop in the last 24 hours. This decline extends its monthly loss to 17%, as the market braces for another token unlock.
Today, around 40.63 million ENA tokens, worth $10.34 million, are set to unlock. This event, representing 0.67% of the circulating supply, could introduce more supply pressure. With only 39% of the 15 billion maximum supply in circulation, this unlock is part of a broader vesting schedule. Tokenomist data reveals this unlock could affect short-term sentiment. Though,past unlocks have been absorbed without significant negative impacts.
Trading volume has fallen by nearly 29% to $115 million, while derivatives volume has decreased by 37.7% to $316.75 million. The token’s price is stuck between $0.2507 and $0.2659. The token’s price action is below key resistance levels. The recent decline in trading volume and derivatives interest adds to the uncertainty.Coinglass data shows derivatives volume down 37.7% to $316.75 million.
Technical analysis shows ENA under pressure. Major moving averages indicate sell signals. The relative strength index is near oversold territory but remains neutral. If ENA holds above $0.25, it could recover towards $0.28. A break below $0.245 could expose it to further losses, targeting the $0.22–$0.23 range.
- ENA’s price is near the lower Bollinger Band, signaling potential volatility.
- Technical indicators show weak short-term momentum, with moast moving averages flashing sell signals.
- ENA’s price is under pressure, trading below its 20-day EMA and SMA, suggesting weak momentum.
Despite these challenges, if ENA can hold above $0.25, renewed volume could push it towards $0.28. A close above this level could lead to a retest of the $0.30–$0.32 range. Conversely,a drop below $0.245 could weaken the structure further.
For more insights,visit crypto.news for detailed price analysis.
