crypto.news
Ethena price has bounced to $0.67 with rising volume and a surge in on-chain activity, but a $25 million token unlock could decide if the rebound holds or shatters.
- $ENA trades at $0.6782, up 7.5% in 24h and 36% in the past month.
- Derivatives open interest rose 11% to $1.39B; Ethena fees hit $67.9M in 7 days.
- A $25M token unlock on Sept. 2 could pressure the fragile rally.
Ethena ($ENA) is trading around $0.6782 after a steady climb over the past week. The token is up 7.5% in the past 24 hours, extending its seven-day performance to 8% and recording a 36% gain over the last month.
Daily spot trading volume hit $566 million in the past 24 hours, up 54% from the previous day. Derivatives have also picked up pace, with Coinglass data showing volume at $1.99 billion, a 33% increase. Open interest, on the other hand, rose by nearly 11% to $1.39 billion.
Rising open interest and volume indicates that traders are opening new positions, which can lead to larger swings when sentiment changes.
Ethena on-chain metrics surge
On-chain activity is also showing strength. Ethena generated $67.9 million in fees over the past seven days, putting it just behind Tether’s $149 million, according to DeFiLlama data.
Its total value locked has nearly doubled in two months, crossing $12 billion in late August compared to $5.4 billion in early July. These figures highlight growing demand for the protocol, even as traders weigh short-term risks.
Ethena token unlock adds uncertainty
Still, supply dynamics could complicate the bullish outlook. On Sept. 2, around 40.6 million tokens worth $25.4 million will be unlocked, as per Tokenomist data. This represents 0.64% of the circulating supply.
To date, only 42% of $ENA’s maximum 15 billion tokens are in circulation. While not enormous compared with daily volume, token unlocks often create selling pressure, especially after a strong rally, as early holders gain liquidity.
At present, $ENA has a market cap of $4.48 billion and a fully diluted valuation of $10.17 billion. This valuation gap implies that investors are still looking ahead, but it also implies that if risk appetite softens, unlocks may test demand.
Ethena price technical analysis
$ENA’s daily chart shows cautious optimism. The trend is still upward as long as $ENA stays above important moving averages ranging from the 10-day to the 200-day. The MACD displays a soft sell signal, and the relative strength index is at 53, which is a neutral value.
$ENA token unlock could shake fragile rebound - 1">
The flatness of other momentum indicators, like Williams %R and stochastic, suggests hesitancy rather than conviction. For now, support is building around $0.65. If $ENA exits the $0.70–0.72 range, it might move closer to $0.75. Prices may drop back down to $0.61 if they fall below $0.65.
As the Sept. 2 unlock draws near, the market will soon learn whether $ENA’s recovery has sustained itself or if profit-taking shortens it.