Ethena Price Stabilizes at $0.67 Amid Rising Volume and Open Interest

Ethena price has bounced to $0.67 with rising volume and on-chain activity, but a $25 million token unlock on Sept. 2 could pressure the fragile rally. ENA is up 7.5% in 24h and 36% in the past month, with derivatives open interest rising 11% to $1.39B and fees hitting $67.9M in 7 days.

Ethena (ENA) has seen a significant rebound, with its price climbing to $0.67, up 7.5% in the past 24 hours and 36% over the last month [1]. This surge is accompanied by a surge in trading volume, with daily spot trading volume hitting $566 million, a 54% increase from the previous day. Derivatives open interest has also risen by 11% to $1.39 billion, and Ethena fees hit $67.9 million in the past seven days [1].

The on-chain activity for Ethena is also robust, with the protocol generating $67.9 million in fees over the past week, according to DeFiLlama data. This is a significant indicator of growing demand for the protocol [1].

However, the outlook for Ethena is not entirely positive. A $25 million token unlock scheduled for September 2 could exert pressure on the current rally. The unlock represents 0.64% of the circulating supply and could potentially create selling pressure, especially after a strong rally [1].

Ethena's market cap stands at $4.48 billion, with a fully diluted valuation of $10.17 billion. The valuation gap suggests that investors are looking ahead, but it also implies that any softening in risk appetite could test demand [1].

Technical analysis of Ethena's daily chart shows cautious optimism. The token is currently above important moving averages, but the MACD displays a soft sell signal, and the relative strength index is at a neutral 53. Support is building around $0.65, and prices may drop back to $0.61 if they fall below this level [1].

As the Sept. 2 unlock approaches, the market will soon learn whether Ethena's recovery has sustained itself or if profit-taking will shorten the rally. The key will be to monitor the token's ability to maintain its recent gains and navigate the potential selling pressure from the unlock.

References:
[1] https://crypto.news/ethena-price-ena-token-unlock-stall-rally-2025/
[2] https://finance.yahoo.com/news/cronos-pyth-ethena-drive-altcoin-170255462.html
[3] https://cryptonewsland.com/token-unlocks-iota-ethena-and-imx-as-ecosystem-growth-aims-to-outpace-supply-pressure/