As the market's bullish sentiment warms up, Ethena (ENA) is approaching the upper resistance of the consolidation range, with technical indicators and derivatives market data both showing that the likelihood of a breakout is increasing. However, the 171 million ENA tokens that are set to be unlocked on September 5 may become a key variable in the price movement.
Token unlock is imminent: potential supply pressure cannot be ignored
(Source: Tokenomist)
On September 2, Ethena has unlocked 40.63 million ENA (accounting for 0.64% of the circulating supply), but the market response has remained relatively stable, indicating that investor confidence is still intact.
Unlock scale on August 29: 171.88 million ENA (approximately 119.54 million USD), accounting for 2.69% of the circulating supply.
Allocation structure: core contributors receive 93.75 million coins, while the remaining is distributed to investors.
This unlocking event may increase market selling pressure in the short term, but if demand continues to strengthen, it could instead become a catalyst for a breakout.
Technical Analysis: ENA is close to breaking through the 0.6911 USD resistance
ENA has risen for three consecutive days, and the 4-hour chart shows that the price is approaching the upper limit of the consolidation zone at 0.6911 USD.
Breakthrough target: If successfully broken, the next key target is the August 23 high of 0.7533 USD.
Support level: 0.6109 USD is a key short-term support. If it breaks below, it may retest 0.5122 USD (low on August 3).
Derivation Market: Both Open Interest and Capital Inflow Rise
(Source: CoinGlass)
According to CoinGlass data, the open interest (OI) of ENA rose from 1.27 billion USD on Tuesday to 1.34 billion USD, an increase of 5%.
Capital inflow: The derivatives market added 60 million USD in capital, indicating that traders are actively entering the market.
Market interpretation: An increase in OI alongside capital inflow usually indicates that price movement is about to intensify.
Technical Indicators: Bullish Signal Strengthening
(Source: Trading View)
RSI: Rises to 62, indicating increased buying pressure, but has not yet entered the overbought zone.
MACD: The green histogram continues to grow, with MACD and the signal line moving upward in sync, indicating stable bullish momentum.
Conclusion
Ethena (ENA) is at a critical moment where technical and fundamental factors intersect. The unlocking of 171 million tokens on Friday may bring short-term selling pressure, but it could also become a breakthrough catalyst supported by market demand. If it successfully breaks through the resistance at 0.6911 USD, ENA is expected to challenge 0.7533 USD; conversely, if it falls below the support at 0.6109 USD, caution should be exercised regarding the risk of a drop to 0.5122 USD. Investors should closely monitor the capital flow and changes in market sentiment following the unlocking.
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
Ethena Price Prediction: ENA Bullish Momentum Heats Up, 171 Million Tokens Unlocking Soon May Trigger a Breakout Market
As the market's bullish sentiment warms up, Ethena (ENA) is approaching the upper resistance of the consolidation range, with technical indicators and derivatives market data both showing that the likelihood of a breakout is increasing. However, the 171 million ENA tokens that are set to be unlocked on September 5 may become a key variable in the price movement.
Token unlock is imminent: potential supply pressure cannot be ignored
(Source: Tokenomist)
On September 2, Ethena has unlocked 40.63 million ENA (accounting for 0.64% of the circulating supply), but the market response has remained relatively stable, indicating that investor confidence is still intact.
Unlock scale on August 29: 171.88 million ENA (approximately 119.54 million USD), accounting for 2.69% of the circulating supply.
Allocation structure: core contributors receive 93.75 million coins, while the remaining is distributed to investors.
This unlocking event may increase market selling pressure in the short term, but if demand continues to strengthen, it could instead become a catalyst for a breakout.
Technical Analysis: ENA is close to breaking through the 0.6911 USD resistance
ENA has risen for three consecutive days, and the 4-hour chart shows that the price is approaching the upper limit of the consolidation zone at 0.6911 USD.
Breakthrough target: If successfully broken, the next key target is the August 23 high of 0.7533 USD.
Support level: 0.6109 USD is a key short-term support. If it breaks below, it may retest 0.5122 USD (low on August 3).
Derivation Market: Both Open Interest and Capital Inflow Rise
(Source: CoinGlass)
According to CoinGlass data, the open interest (OI) of ENA rose from 1.27 billion USD on Tuesday to 1.34 billion USD, an increase of 5%.
Capital inflow: The derivatives market added 60 million USD in capital, indicating that traders are actively entering the market.
Market interpretation: An increase in OI alongside capital inflow usually indicates that price movement is about to intensify.
Technical Indicators: Bullish Signal Strengthening
(Source: Trading View)
RSI: Rises to 62, indicating increased buying pressure, but has not yet entered the overbought zone.
MACD: The green histogram continues to grow, with MACD and the signal line moving upward in sync, indicating stable bullish momentum.
Conclusion
Ethena (ENA) is at a critical moment where technical and fundamental factors intersect. The unlocking of 171 million tokens on Friday may bring short-term selling pressure, but it could also become a breakthrough catalyst supported by market demand. If it successfully breaks through the resistance at 0.6911 USD, ENA is expected to challenge 0.7533 USD; conversely, if it falls below the support at 0.6109 USD, caution should be exercised regarding the risk of a drop to 0.5122 USD. Investors should closely monitor the capital flow and changes in market sentiment following the unlocking.