ENA Token Slips Ahead of Latest Unlock
ENA, the native token of Ethena, is hovering around $0.2546 at the moment—down about 4% in the past day. That adds to a rough month, with losses stretching to 17% as another token unlock approaches.
Right now, it’s stuck in a tight spot between $0.2507 and $0.2659. Traders seem hesitant, maybe waiting to see how the market digests the fresh supply. According to Tokenomist, around 40.63 million ENA (worth roughly $10.34 million) will hit the market today, July 2. That’s not a huge chunk—just 0.67% of circulating supply—but with only 39% of the total 15 billion ENA in circulation so far, these unlocks could keep adding pressure over time.
Market Reaction: Mixed Signals
Past unlocks haven’t caused lasting damage, but this one’s timing isn’t great. Trading volume has dipped nearly 29% in the last 24 hours, sitting at $115 million. Derivatives activity looks even weaker, down 37.7% to $316.75 million. Open interest has slipped a bit too, suggesting traders are playing it safe.
Technically, ENA isn’t looking strong. It’s stuck below key moving averages, and the RSI, while not oversold yet, is drifting toward that zone at 41.4. The Bollinger Bands are tightening, which usually means less volatility—but with the price hugging the lower band, that could spell trouble if volume doesn’t pick up.
There’s a flicker of hope in the MACD and momentum indicators, but nothing convincing enough to call a turnaround.
What’s Next for ENA?
If the $0.25 support holds and the unlock doesn’t spook sellers too much, we might see a push back toward $0.28. Clearing that could open the door to $0.30–$0.32. But if $0.25 breaks—especially with low volume and more tokens floating around—things could get uglier. A drop below $0.245 might send ENA tumbling toward $0.22–$0.23, dragging sentiment down with it.
For now, it’s a waiting game. The market’s reaction to today’s unlock will probably set the tone for the next few days. Either way, traders seem to be bracing for some turbulence.
