ENA Token Surges 1% Despite 40 Million Unlock, Eyes $1

Ethena’s native token, ENA, has shown remarkable resilience amidst a significant 40 million token unlock, indicating strong bullish momentum and potential for a rally toward $1. This development is bolstered by key strategic moves, including an upcoming listing on Coinbase and a partnership with Securitize. These factors are positioning ENA for increased market visibility and adoption within the decentralized finance (DeFi) and real-world asset (RWA) sectors.

ENA’s price action and technical indicators suggest a promising breakout, supported by a growing total value locked and an expanding user base. The token has broken above a long-standing descending trendline, transforming previous resistance into support—a classic bullish indicator. Additionally, ENA is poised to break out from a descending triangle pattern, which, if confirmed by increased trading volume, could trigger a significant upward price movement. The formation of a double bottom pattern suggests a potential reversal from the multi-month downtrend, aligning with historical cyclical trends observed prior to ENA’s substantial rally in late 2024.

Crucially, ENA is approaching a decisive move above its 20-day exponential moving average (EMA), which would signal strengthening short-term momentum. The immediate price target is $0.51, corresponding to the 23.6% Fibonacci retracement level. Surpassing this could pave the way for a psychological and technical resistance test at $1, coinciding with the 61.8% Fibonacci retracement and the apex of the double bottom pattern.

Despite the unlocking of nearly 41 million ENA tokens valued at over $12 million, the market response was muted, with only a minor 1% price dip. This subdued reaction indicates robust demand and confidence among investors, suggesting that the increased supply was effectively absorbed without triggering significant sell pressure. Such resilience is often indicative of a healthy market sentiment and can precede sustained price appreciation.

Furthermore, Ethena’s expansion onto the TON blockchain has broadened access to its USDe stablecoin, enabling over 900 million users to engage with its DeFi applications. The upcoming full launch of EtherealDEX, a decentralized exchange powered by sUSDe, is expected to further enhance liquidity and utility within the ecosystem. These developments collectively contribute to a strengthening foundation for ENA’s price appreciation potential.

For investors, the convergence of technical bullish signals and fundamental growth drivers presents a compelling case for monitoring ENA closely. The Coinbase listing and Converge blockchain launch are likely to catalyze increased trading activity and adoption. However, market participants should remain vigilant of key support levels, particularly at $0.25 and $0.20, which may act as critical thresholds in case of short-term corrections.

Given the current trajectory, ENA’s potential to reach $1 within the coming months appears feasible, contingent on sustained positive momentum and broader market conditions. Investors are encouraged to consider these dynamics when evaluating their positions and to stay informed on upcoming project milestones.

Ethena’s ENA token is positioned at a critical juncture, supported by strategic exchange listings, innovative partnerships, and strong technical indicators. The market’s ability to absorb a substantial token unlock without significant price disruption highlights underlying bullish sentiment. As Ethena continues to expand its DeFi footprint and integrate real-world assets, ENA’s outlook remains optimistic, with $1 emerging as a key target. Stakeholders should monitor ongoing developments and technical signals to navigate this evolving landscape effectively.