Ethena (ENA) continues its bullish streak with a 13% jump, brushing off concerns over a massive upcoming token unlock.
Key Takeaways
- 1Ethena (ENA) jumped 13% to a local high of $0.628, defying market expectations ahead of a $103 million token unlock.
- 2Trading volume rose 28% to $1.14 billion, reflecting renewed investor interest and market participation.
- 3Open Interest surged 17.47% to $1.14 billion, with Binance traders showing a strong long bias.
- 4Despite the unlock, ENA remains bullish, with indicators pointing to a possible push toward $0.68 or even $0.70.
What Happened?
Ethena (ENA) is defying gravity. Even with a major token unlock looming, the cryptocurrency surged 13% in 24 hours to trade as high as $0.628. As of now, ENA is trading at $0.5916, marking a 3.3% intraday increase, showing that the bullish momentum is far from over.
No chill for $ENA, really strong recovery. Pushing again for the downtrend resistance bullish reversal 👌 pic.twitter.com/R8B6YIFARC
,Crypto Rand (@crypto_rand) August 4, 2025
Massive Unlock Incoming, But Bulls Stay in Control
On August 6, Ethena is set to unlock 171.85 million tokens worth approximately $103.02 million, which represents about 2.70% of its market cap. Historically, such events bring price volatility or sell pressure, but ENA appears to be shaking off those concerns.
This upcoming unlock is the largest since the Trump meme coin unlock, yet ENA’s performance suggests investor confidence is holding strong.
- ENA hit a new all-time high market cap of $3.83 billion, surpassing its January peak of $3.7 billion.
- Ethena Labs recently crossed $10 billion in Total Value Locked (TVL), largely powered by the 11% APY on its USDe stablecoin.
Technical Indicators Flash Green
The technical setup for ENA is bullish across the board:
- The token is trading above its 5, 10, and 20-day moving averages.
- The Stochastic RSI jumped from 5 to 18 after a bullish crossover, signaling upward momentum.
- The Chaikin Money Flow has stayed positive, reinforcing continued buyer presence.
Spot and Futures Markets Reflect Bullish Sentiment
The spot market is seeing strong accumulation. Data from Coinalyze shows:
- $46.99 million in Buy Volume vs $42.3 million in Sell Volume, flipping the Buy-Sell Delta positive by $4.63 million.
- Spot Netflow has remained negative for 8 days, with -$123K recently, suggesting coins are moving to private wallets rather than exchanges.
On the futures side, traders are going long:
- Open Interest rose 17.47% to $1.14 billion.
- Derivatives Volume spiked 46.24% to $3.5 billion.
- Binance’s Long/Short Ratio hit 2.09 among top traders, showing strong conviction for price appreciation.
Can ENA Hit $0.70 Soon?
ENA recently tested resistance at $0.628 after holding strong at the $0.51 support level. Analysts suggest:
- If the price stays above the $0.50 to $0.55 range, ENA could rally toward $0.68 or even $0.70.
- If momentum fades, $0.55 could act as a fallback support.
So far, ENA’s resilience and strong on-chain signals suggest it may continue upward.
CoinLaw’s Takeaway
I’m honestly impressed by how resilient Ethena has been in the face of such a large token unlock. This kind of investor confidence, especially with billions locked in the protocol and a soaring derivatives market, is not something you see every day. It tells me that ENA has strong fundamentals and a bullish community backing it. If the token holds its current support levels, I wouldn’t be surprised to see it challenge the $0.70 mark very soon.
