The year 2025 starts with Ethena (ENA) gearing up for a significant token unlock, potentially impacting the market price due to increased supply.
First Phase of ENA Unlock
Today, Ethena will unlock 94.19 million ENA tokens, representing 0.63% of total supply and 1.79% of market cap. Additionally, 171.85 million tokens are scheduled to unlock on April 5. These actions may affect the token's price by increasing market supply.
Historical ENA Price Trends
ENA price has decreased by 17% over the past month, currently trading at $0.35. This follows World Liberty Financial's sale of 184,000 ENA tokens worth $69,000 on March 25. Previously, on March 5, Ethena unlocked 2.07 billion ENA tokens, representing 13.9% of the total supply.
Technical Analysis and Forecasts
As of the start of the year, ENA price has been in a downtrend, trading below the 21-day exponential moving average. Although there was an attempt to break above this line in late March, the price failed to sustain. The RSI is at 44.26, below the neutral level of 50, indicating a weak attempt to recover. Analyst Ali Martinez notes that if the $0.342 support level holds, the price could climb to $0.473. If support fails, the price might drop to $0.30 – $0.32.
The upcoming ENA token unlocks are likely to have a significant market impact. Investors should monitor developments closely to respond to market changes effectively.
