Ethena Price Rallies 6% Ahead of $25M Token Unlock: Will Bulls Hold $0.70?

Ethena price has risen 6% in a day and 8.8% weekly, trading at $0.6843 with a market cap of $4.53 billion. The token unlock of 40.6 million ENA worth $25 million could challenge the rally's momentum. The next key level is at $0.772, with the MACD indicator suggesting weakening bearish momentum. A sustained close above $0.70 could lead to $0.85-$0.95.

The Ethena (ENA) token has experienced a significant price increase, climbing 6% in a day and 8.8% over the past week. As of September 2, 2025, ENA is trading at $0.6843 with a market capitalization of $4.53 billion. This upward trajectory is driven by a combination of factors, including a $260 million buyback program and the rapid adoption of USDe stablecoins, which has doubled the supply to $11.6 billion [1].

Today, approximately 40.6 million ENA tokens worth about $25 million are set to enter circulation. This event could potentially challenge the current rally's momentum. The token unlock represents 40.6 million out of the total 15 billion tokens, with only 42% of the supply currently unlocked [1].

Technical analysis suggests that ENA is testing the $0.70 resistance level, with the next key level at the 23.6% Fibonacci retracement near $0.772. The MACD indicator indicates that bearish momentum is weakening, opening the door for a potential breakout above $0.70. A sustained close above this level could pave the way towards $0.85–$0.95 [1].

The Relative Strength Index (RSI) is currently near 61.66, showing bullish momentum without reaching overbought territory. This suggests room for further price gains. However, failure to maintain support at $0.65 could lead to profit-taking and a potential retest of $0.56 [1].

The broader market context is also significant. Ethena's supply trajectory indicates substantial growth between mid-2025 and early 2028, with unlock phases covering team, ecosystem, and community allocations. By 2028, supply could approach nearly 15 billion tokens [2]. This expansion is balanced against ecosystem adoption, which could drive price stability.

In conclusion, Ethena's price surge is driven by strong fundamentals and technical indicators. The upcoming token unlock could introduce selling pressure, but the token's fundamentals and market sentiment suggest potential for continued price appreciation. Investors should closely monitor the $0.70 resistance level and the impact of today's token unlock on the market.

References:
[1] https://coinpedia.org/price-analysis/ethena-price-rallies-6-as-25m-unlock-looms-will-bulls-hold-0-70/
[2] https://cryptonewsland.com/token-unlocks-iota-ethena-and-imx-as-ecosystem-growth-aims-to-outpace-supply-pressure/