- ENA’s $100M unlock and exchange inflows may trigger short-term sell pressure.
- Price consolidates between $0.580–$0.620 with bullish bias toward breakout.
- Rising volume contrasts weakening MACD, hinting at possible near-term correction.
Ethena (ENA) is approaching a key event with a $100 million token unlock scheduled for August 5. This unlock will release 2.7% of its total supply into the market, a significant event that could impact the price. Adding to the tension, 250 million ENA tokens, worth about $154 million, have already been moved to exchanges over the last two weeks, hinting at potential sell pressure.
With the current price resting at $0.6121, up over 10% in 24 hours, all eyes are on whether this bullish momentum can hold or if a correction is near.
Price Structure Points to Consolidation with Bullish Bias
ENA’s price is currently trading in a tight range, showing a mix of consolidation and upward pressure. Strong support levels have formed at $0.552 and between $0.580 to $0.585, zones that have seen quick rebounds and point to strong buyer interest.
On the resistance side, the $0.620 mark remains a tough ceiling. The token has been rejected at this level more than once. The next resistance band lies between $0.625 and $0.630, where price spikes have stalled.
Related: Ethena’s ENA Token Surges 44% as DeFi Lender Aave Adds Support for USDe
Currently, ENA trades between support and resistance. This range-bound behavior indicates a potential breakout or breakdown depending on market sentiment.
If the price breaks above $0.630, bulls may gain control and push the token to new short-term highs. However, a fall below $0.580 could trigger a quick pullback, especially if traders react defensively to the unlock event.
On-Chain and Technical Indicators Stay Mixed
The broader market outlook remains cautiously optimistic. ENA’s trading volume has surged 34% in 24 hours to $1.16 billion, signaling high trader engagement.
The volume-to-market-cap ratio at nearly 30% underscores active participation. Furthermore, the project holds a robust Total Value Locked (TVL) of $9.45 billion, reflecting a strong protocol backbone.
However, technical indicators present a more cautious view. The MACD histogram is turning slightly negative, signaling weakening momentum.
Related: Ethena’s USDtb Becomes First Stablecoin With a Clear Path to US Compliance
At the same time, the RSI sits at 62.88, edging close to the overbought zone. This suggests that while bullish sentiment is intact, a cooling-off period might be imminent.
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