Ethena Braces for Massive Token Unlock: 266 Million ENA Set to Hit the Market!

First Wave of 94 Million ENA Tokens Unlocks Today, Valued at $34 Million

Buckle up, crypto fans! Ethena is about to feel the heat as a staggering 266 million ENA tokens are gearing up to flood the market in two explosive phases. The first wave hits today, with a whopping 94.19 million ENA tokens—worth a cool $33.87 million—unlocking and ready to shake things up. That's 0.63% of the total supply and 1.79% of the market cap. But hold onto your hats, because on April 5, another 171.85 million tokens will join the party!

ENA Price Plummets 17% Amid Recent Sell-Offs and Token Unlocks

As we speak, ENA is trading at a shaky $0.35, down a brutal 17% in just the past week. The pain started when World Liberty Financial dumped a hefty 184,000 ENA tokens—worth $69,000—on March 25. And let's not forget the massive unlock on March 5, when Ethena unleashed a mind-blowing 2.07 billion ENA tokens, valued at a jaw-dropping $728 million, representing a whopping 13.9% of the total supply. Talk about a rollercoaster ride!

ENA Price Struggles to Break Out of Downtrend, RSI Shows Weak Recovery Signs

Take a look at the chart, and you'll see ENA's price has been on a clear downward spiral since the start of the year, stuck below the 21-day Exponential Moving Average. It tried to break out above the 21-day EMA for a few days in late March, but couldn't hold on tight enough. The RSI is sitting at a measly 44.26, below the neutral 50 level. Sure, the RSI moving average is at 46.88, hinting at a weak attempt to recover, but it's still not enough to get the party started.

Will ENA Defend $0.342 Support and Climb to $0.473?

Here's the deal: the recent lows around $0.342 are acting as a short-term safety net. If ENA can hold strong above this zone, it might just have a shot at another run towards the 21-EMA at 0.3817. According to the legendary technical analyst Ali Martinez, if ENA can defend this support level like a boss, it could soar all the way to $0.473. Keep your eyes peeled, folks!

But if this support crumbles, watch out! The price could take a nosedive straight to the $0.30 - $0.32 range, where it hung out back in October last year before breaking out into a major bullish rally. It's a wild ride, and anything can happen in the world of crypto!