Ethereum News Today: ENA's $0.70 Threshold: Will Upcoming Unlock Trigger Price War?

A significant market activity was observed on the Ethereum-based synthetic dollar protocol Ethena, where a whale investor acquired 1.84 million ENA tokens at an average price of $0.70. This purchase contributes to the broader narrative of ENA token price movements and investor activity. ENA, the governance token of Ethena, has been a subject of intense market interest, particularly due to its recent price fluctuations and scheduled token unlocks [1].

The ENA price has shown a mixed performance in the recent months. Following a surge of nearly 300% from July to August 2025, the token has faced a cooling trend, with a 26% decline from its August highs. Currently, it is trading within a narrow range, bounded by resistance at $0.70 and support at $0.60. Analysts suggest that a high-volume breakout above $0.70 is necessary to continue the upward trend seen in the previous two months [1].

Despite the price cooling, market activity has remained dynamic. According to Coinglass data, open interest has decreased slightly, with a 5% drop to $1.26 billion in the last few days. However, trading volume has increased by 10% in the past 24 hours, reaching $1.43 billion. Notably, volume has gradually tailed off since late July 2025, aligning with the price decline from around $0.85 [1].

A critical development in the ENA market is the upcoming token unlock of 40.63 million ENA tokens, valued at $25.7 million at current rates. This unlock represents 0.64% of the circulating supply and is expected to occur within a structured vesting schedule. Historically, such unlocks can introduce market volatility by increasing supply, but the impact on price depends heavily on the behavior of token recipients. The Ethena Foundation, which will receive the majority of these tokens, has previously demonstrated a commitment to stabilizing the ENA price by repurchasing tokens from the secondary market. These buybacks aim to manage supply and mitigate downward pressure on the price [1].

The market is also closely watching the implications of these unlocks in the context of broader Ethereum and DeFi trends. The ENA price is not in isolation; it is influenced by the performance of blue-chip tokens like Ethereum. Recent market dynamics suggest that ENA’s performance may be shaped by a recovery in these larger tokens. Analysts note that the ENA price currently underperforms some of its DeFi peers, such as UMA and JUP, and its price movements are being analyzed for potential correlations with broader market sentiment [1].

As the market anticipates potential volatility, investors are also looking for alternative opportunities, particularly in the meme coin space. Tokens like Token6900 have gained attention for their potential high returns, despite being in the early stages of development. These tokens are seen as speculative investments that may benefit from a shift in market focus if ENA’s price trajectory becomes uncertain [1].

Source:

[1] Traders Brace for ENA Crypto Sell-Off: Ethena Unlocks $26M Tomorrow—Will ENA USD Prices Dump? (https://99bitcoins.com/news/presales/traders-brace-for-ena-crypto-sell-off-ethena-unlocks-26m-tomorrow-will-ena-usd-prices-dump/)

[2] Ethena Price, ENA Price, Live Charts, and Marketcap (https://www.coinbase.com/en-ca/price/ethena)