Ethena gears up for massive token unlock – can ENA price withstand the sell pressure?

Ethena is facing a potential wave of sell pressure as 266 million ENA tokens are set to unlock in two phases, starting with the first $34 million unlock today.

According to CryptoRank.io , Ethena ( ENA ) will unlock 94.19 million ENA tokens today, worth $33.87 million—0.63% of total supply and 1.79% of market cap. Further, 171.85 million tokens will be unlocked on April 5.

The upcoming token unlocks come as ENA trades at $0.35, down by 17% over the past week, following World Liberty Financial ‘s dump of 184,000 ENA tokes, worth $69,000, on March 25. Prior to that, on March 5, Ethena unlocked a massive 2.07 billion ENA tokens—worth $728 million—representing 13.9% of the total supply.

Looking at the chart, ENA price has been in a clear downtrend from the start of the year, trading below the 21-day Exponential Moving Average. The price attempted a breakout above the 21-day EMA for a few days in late March, but failed to sustain above it.

The RSI is at 44.26, below the neutral 50 level. However, the RSI moving average is at 46.88, meaning there is some attempt to recover, but it’s still weak.

The recent lows around $0.342 act as short-term support. If the price holds above this zone, it could attempt another move towards the 21-EMA at 0.3817. According to technical analyst Ali Martinez , if ENA defends this support level, it could climb to $0.473.

However, if this support fails, the price could drop to $0.30 – $0.32, where the price consolidated in October last year before breaking out into a major bullish rally .