Ethena's ENA Token Shrugs Off 40M Unlock, Eyes $1 Amid Bullish Surge

Ethena's native token, ENA, is unstoppable! Despite a massive 40 million token unlock, the market's still buzzing with bullish energy, hinting at a thrilling rally toward $1 in the coming months. Buckle up!

As of Wednesday, June 4, in the afternoon Asian time, ENA was trading at a solid $0.34. That's a jaw-dropping 36% jump from its year-to-date low! With a market cap close to $2 billion and a daily trading volume of $273 million, ENA's on fire.

Sure, it's still 77% below its all-time high, but hold onto your hats—big things are coming that could flip the script and send ENA soaring!

The buzz is all about an upcoming Coinbase listing. Yep, the biggest crypto exchange in the U.S. just added ENA to its roadmap, and that's huge! Listings on top-tier exchanges like Coinbase skyrocket visibility, liquidity, and investor access. ENA shot up over 10% after the news, though it cooled off a bit by press time.

But wait, there's more! Ethena Labs is teaming up with RWA infrastructure giant Securitize to launch Converge, a dedicated RWA-focused blockchain. Mainnet's expected to go live by the end of this quarter. Talk about a game-changer!

And get this—despite unlocking nearly 41 million ENA tokens worth over $12 million on June 1, the market barely blinked, dipping just 1%. That's right, the bullish vibes are so strong they're swallowing up the extra supply without breaking a sweat.

Meanwhile, Ethena's core offering is crushing it in the DeFi world. The total value locked in the ecosystem, mainly through its yield-bearing stablecoin USDe, has skyrocketed to nearly $5.8 billion, just shy of its all-time high of $6.2 billion.

USDe is now the fourth-largest stablecoin in the game, only behind Tether, USD Coin, and USDS. Over 709,000 wallets are holding USDe, earning an 8% annual yield from those sweet arbitrage opportunities within the network.

And here's the cherry on top: thanks to its rollout on the TON blockchain, over 900 million users can now tap into Ethena's USDe across DeFi apps. That's a whole lot of new players in the game!

Plus, EtherealDEX, a decentralized exchange powered by sUSDe, is making waves through its testnet phase. Full launch? Coming later this year. Get ready!

All these moves are setting the stage for ENA to blast off in the coming weeks. It's gonna be a wild ride!

ENA Price Analysis: Ready for Takeoff?

Check out the 1-day ENA/USDT chart—ENA's smashed through a multi-month descending trendline that was holding it back with lower highs and lower lows. That trendline's now a launchpad, sending a clear buy signal to the bulls.

ENA's also eyeing a breakout from a descending triangle pattern that's been brewing since early 2025. If it busts through this level with strong volume, it's game on for a bullish breakout!

Zoom out and you'll see ENA shaping up a massive double bottom pattern—a classic reversal signal. Its recent moves are echoing a cyclical trend we saw right before ENA's epic 250% rally last November. History might just be repeating itself!

Technically, ENA's on the cusp of crossing above its 20-day exponential moving average. A close above this line would be another green light for the bulls, signaling growing short-term momentum.

If everything holds, the next stop could be $0.51, right at the 23.6% Fibonacci retracement level. Break that, and $1's in sight—a psychological resistance that also lines up with the 61.8% Fibonacci retracement and the double bottom's sweet spot.

But watch out! If ENA dips below the local support at $0.25, it could trigger some profit-taking or panic selling. In that case, it might fall back to the $0.20 range, the lower end of the double bottom and a strong historical support zone.