Ethena is bracing for a significant wave of selling pressure as 266 million ENA tokens are scheduled to be unlocked in two phases, commencing with an initial release of $34 million today.
As reported, today will see the unlocking of 94.19 million ENA tokens, valued at approximately $33.87 million—representing 0.63% of the total supply and 1.79% of the market capitalization. An additional 171.85 million tokens are set to be released on April 5.
The impending token unlocks coincide with ENA trading at $0.35, a decline of 17% over the previous week, following a significant sell-off of 184,000 ENA tokens, valued at $69,000, on March 25. Earlier, on March 5, Ethena unlocked a substantial 2.07 billion ENA tokens—equating to $728 million—accounting for 13.9% of the total supply.
From the chart analysis, the price of ENA has displayed a clear downward trajectory since the beginning of the year, trading below the 21-day Exponential Moving Average. Although there was a brief attempt to break above this EMA in late March, it was unable to maintain that position.
The Relative Strength Index (RSI) currently stands at 44.26, below the neutral level of 50. However, the RSI moving average is at 46.88, indicating a tentative attempt at recovery, albeit still weak.
Recent lows around $0.342 serve as short-term support. If the price remains above this area, it may make another attempt toward the 21-EMA at $0.3817. A technical analyst noted that if ENA can hold this support level, it could potentially rise to $0.473.
Conversely, if this support is unable to hold, the price may drop to between $0.30 and $0.32, a range where it consolidated last October before experiencing a prominent bullish rally.