ENA Token Slips Ahead of Major Unlock—What’s Next?
Ethena’s ENA token isn’t having a great week. As of now, it’s sitting at around $0.2546, down about 4% in the last day. That’s not terrible, but it adds to a rougher trend—the token’s lost nearly 17% over the past month. And today, things might get trickier. A fresh batch of 40.63 million ENA (worth roughly $10.34 million) is set to hit the market later.
That’s not a huge chunk of the circulating supply—just 0.67%. But with only 39% of ENA’s total 15 billion max supply actually out there, these unlocks can nudge the price around. Sometimes they’re shrugged off. Other times, they sting. Right now, traders seem hesitant.
Trading Volume Dries Up
The numbers tell part of the story. Spot trading volume dropped almost 29% in the last 24 hours, landing at $115 million. Over in derivatives, it’s worse—down 37.7% to $316.75 million. Open interest dipped slightly too, which suggests folks are waiting to see how this unlock plays out before making big moves.
Technically, ENA isn’t looking strong. It’s stuck below key moving averages, and the RSI is hovering around 41.4—not quite oversold, but not exactly bullish either. The Bollinger Bands are tightening, which usually means less volatility. But with the price hugging the lower band, that could go either way: a breakdown or a surprise bounce.
Where Does ENA Go From Here?
If ENA holds above $0.25 and the market absorbs today’s unlock without panic, there’s a chance it could claw back toward $0.28. Break past that, and $0.30–$0.32 isn’t out of the question. But if $0.25 cracks—especially with low volume and more tokens floating around—things could get messy. A drop below $0.245 might send it tumbling toward $0.22–$0.23, dragging sentiment down with it.
Past unlocks haven’t caused lasting damage, but timing matters. Right now, the mood feels cautious. Maybe too cautious. Then again, crypto’s never predictable—so who knows?
