Ethena’s ENA Token Faces Pressure as Unlock Looms
Ethena’s ENA token is currently valued at $0.2546, showing a 4% decrease in the past 24 hours. this decline continues a month-long trend, with the token down 17%. The token’s price is stuck between $0.2507 and $0.2659, struggling to break above key resistance levels.
Today, July 2, about 40.63 million ENA tokens, worth $10.34 million, will be unlocked.this event could influence the market. According to Tokenomist data, this unlock represents 0.67% of the circulating supply. With only 39% of the total 15 billion ENA in circulation,this unlock is part of a larger vesting plan. This could add to supply pressure, possibly impacting short-term sentiment. The upcoming unlock is a small fraction of the total supply but may still effect the market. Traders are cautious as the token nears this milestone. The unlock could increase sell-side liquidity, but past events suggest the market can handle such events without long-term negative effects.
Trading volume has fallen by nearly 29% in the last day, signaling reduced interest. Derivatives trading volume has dropped by 29%, indicating reduced interest.
Technically,ENA is under pressure. Major moving averages,from 10-day to 200-day,show sell signals. The token trades below its 20-day EMA and SMA, suggesting weak short-term momentum. The relative strength index is near oversold territory at 41.4 but remains neutral.Early signs of recovery are visible in momentum and MACD indicators, but they are not strong enough to reverse the trend. The narrowing Bollinger Bands indicate reduced volatility. The price is near the lower band, a warning sign that could lead to a sharp breakdown or reversal based on volume confirmation.
If ENA holds above $0.25 and absorbs the unlock,renewed volume could push it toward $0.28.A close above this level could retest the $0.30–$0.32 range.Though, a break below $0.245 would weaken the structure, focusing on the $0.22–$0.23 zone.
