Ethena Price Surges Toward $0.23 as Supply Unlock Nears: Can ENA Reach $0.30?

Ethena price is back near a major breakout zone as $ENA’s sharp September rally collides with the project’s final large investor unlock. $ENA has climbed from the $0.10–$0.11 region to around $0.21, breaking through a long-term descending structure. But the rally now faces a major test: roughly 1.33 billion $ENA remains tied to investor wallets and distribution contracts ahead of the October 5 release.

Ethena Clears Investor Overhang Ahead of October 5

The latest supply data shows investors sent about 1.06 billion $ENA to trading venues over the past year, representing roughly 80% of the tokens distributed to investors during that period. The top three venture investors hold approximately 560 million $ENA, or around 42% of the investor allocation. Their historical selling activity has remained limited, reducing the amount of immediately identifiable supply pressure from those wallets.

Ethena also bought locked $ENA from certain early investors who had already sold tokens, while future monthly investor unlocks were discontinued. Team allocations remain locked under their existing schedules.

Ethena Price Analysis: Can $ENA Reach $0.30?

$ENA is trading around $0.21 after a powerful September recovery. The daily chart shows price breaking above the long-term descending trendline and reclaiming the $0.22–$0.23 resistance region with a notable increase in volume. A confirmed breakout above $0.23 would open the path toward the next major supply zone at $0.30–$0.31. This area previously acted as heavy overhead supply and represents the next major hurdle for the recovery.

On the downside, the $0.18–$0.20 zone is the first area bulls need to defend. A deeper breakdown would put the recent breakout structure under pressure and expose the lower consolidation range.

Outlook

$ENA’s rally now faces a direct test between technical momentum and incoming supply. The end of recurring investor unlocks improves the longer-term supply profile, while the proposed fee switch creates a future revenue-linked demand mechanism. But October 5 remains the immediate catalyst. If $ENA absorbs the unlock without losing its breakout structure, the path toward the $0.30 supply zone becomes increasingly relevant.