Ethena has been catching the eye of traders as its price keeps climbing ahead of a major token unlock. ENA price is up more than 12% today, trading around $0.6210, and its volume has jumped almost 30%.
With new tokens set to hit the market and a wave of exchange inflows, the stage is set for a potentially volatile week.
The latest price pump comes from a mix of adoption and liquidity moves. According to The Defiant, USDe supply surged 75% in the past month to $9.3 billion, passing FDUSD to become the third-largest stablecoin.
On top of that, a $260 million ENA buyback kicked off on July 21, taking about 8% of the circulating supply off the market and adding strong buying pressure.
Other factors are also helping fuel the rally. Ethena’s USDtb became one of the first regulated synthetic dollars on July 24, clearing a path for more institutional adoption.
Retail interest is growing too, especially in South Korea, where ENA ranked third in community searches last week, showing that traders are paying close attention and speculating on the next big move.
Ethena Token Unlock and Exchange Activity
Market watchers are also focused on the upcoming ENA token unlock. Cointelegraph reported that the event will release over $101 million worth of tokens in the coming week.
📊 UPDATE: $ENA will unlock $101.87M in tokens this upcoming week.
— Cointelegraph (@Cointelegraph) August 4, 2025
The next 6 token unlocks combined total is slightly over $45M. pic.twitter.com/0koIGkJ2Gb
This aligns with Ali Charts’ observation that 250 million ENA have moved to exchanges over the past two weeks. The combination of new supply and increased exchange inflows could influence short-term price behavior.
250 million Ethena $ENA have been sent to exchanges in the last two weeks! pic.twitter.com/YJ2ds1JB5D
— Ali (@ali_charts) August 4, 2025
Large unlocks often increase selling pressure, but strong buy-side interest can offset the effect. Traders are watching to see whether the ongoing bullish momentum will absorb the new tokens or trigger a temporary correction.
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ENA Price Technical Outlook and Price Scenarios
On the 1H chart, Ethena is in a bull setup having recovered from support at $0.52. Price has been printing higher highs and higher lows, still above the 30-period EMA, which also acts as dynamic support.
The immediate resistance comes in at about $0.65, with a key barrier at $0.74–$0.76. Breaking above here could see the rally extend further to a new local top.
While sellers may show up in the unlock, a reversal to $0.55 or even $0.52 is still conceivable. A drop below $0.52 would put the uptrend line near $0.50 to the test and signal a shift in short-term momentum for ENA price.
Conversely, continuous buying and a breakout above $0.65 would support a visit to the previous peak.
The market now holds its breath for the unlock event to ascertain whether ENA uptrend will persist or subside into a consolidation phase.
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