Ethena Price Surges 12% as Unlock Looms and Buyback Drives Demand

Ethena (ENA) is experiencing heightened market activity as its price rises ahead of a significant token unlock event. ENA has climbed over 12% in a single day, reaching approximately $0.6210, while trading volume surged nearly 30% [1]. The rally is driven by increased adoption, liquidity moves, and a recent buyback initiative.

The USDe stablecoin supply has grown by 75% in the past month, reaching $9.3 billion, making it the third-largest stablecoin after surpassing FDUSD [1]. Meanwhile, a $260 million ENA buyback, launched on July 21, removed around 8% of the circulating supply from the market, injecting strong buying pressure [1]. Additionally, Ethena’s USDtb became a regulated synthetic dollar on July 24, a move seen as a catalyst for broader institutional adoption [1].

Retail traders are also showing increased interest, particularly in South Korea, where ENA ranked third in community searches last week [1]. This suggests a growing speculative and trading focus on the token.

Market observers are closely monitoring the upcoming unlock, which will release over $101 million worth of ENA tokens in the coming week [2]. The event aligns with a surge in exchange activity, with 250 million ENA tokens moved to exchanges over the past two weeks [3]. This combination of new supply and increased liquidity may influence short-term price dynamics, as traders assess whether the bullish momentum can absorb the additional tokens or if a temporary correction will occur [1].

Technically, ENA is in a bullish configuration, having rebounded from support at $0.52. The price is forming higher highs and higher lows, staying above the 30-period EMA, which currently acts as dynamic support [1]. The next key resistance level lies around $0.65, with a critical barrier at $0.74–$0.76. A breakout above these levels could propel the price toward a new local peak. However, a reversal to $0.55 or $0.52 remains possible, with a drop below $0.52 potentially signaling a shift in short-term momentum [1].

The market is now watching closely to determine if the unlock will allow the uptrend to continue or lead to a period of consolidation [1].

Source: [1] Rising Ethena (ENA) Price Meets Heavy Token Unlock – What Happens Next? (https://coinmarketcap.com/community/articles/6890d318cb35a47bd0d2f0be/)

[2] Cointelegraph (@Cointelegraph) August 4, 2025

[3] Ali (@ali_charts) August 4, 2025