{"id":32759,"date":"2026-09-24T13:01:53","date_gmt":"2026-09-24T12:01:53","guid":{"rendered":"https:\/\/investx.fr\/en\/2026\/09\/24\/ethena-ena-price-rally-token-unlock\/"},"modified":"2026-09-24T13:02:00","modified_gmt":"2026-09-24T12:02:00","slug":"ethena-ena-price-rally-token-unlock","status":"publish","type":"post","link":"https:\/\/investx.fr\/en\/crypto-news\/ethena-ena-price-rally-token-unlock\/","title":{"rendered":"ENA Surges Toward $0.23: Will the Massive Token Unlock Stop the Rally?"},"content":{"rendered":"\n

Ethena (ENA)<\/strong> has been stringing together consecutive weeks of gains and is now knocking on the door of a critical resistance zone. The synthetic stablecoin<\/strong> project is regaining momentum after months of sustained selling pressure.<\/p>\n\n\n\n

But the timing is anything but coincidental: a major investor token unlock<\/strong> is fast approaching, and the market is beginning to weigh its implications.<\/p>\n\n\n\n

Caught between a promising technical breakout and imminent supply pressure, ENA is playing a tight game. Here is what the data reveals.<\/p>\n\n\n\n

A 100% Rally That Breaks a Long-Term Bearish Structure<\/h2>\n\n\n\n

Within just a few weeks, ENA has doubled from its floor at $0.10\u2013$0.11<\/strong>, climbing to around $0.21\u2013$0.23. This move carries real technical weight: the price has broken a descending structure<\/strong> that had been weighing on the token for several months, signaling a potentially significant shift in momentum<\/strong>.<\/p>\n\n\n\n

\"ENA<\/figure>\n\n\n\n

On the daily chart, ENA is now consolidating just below a major horizontal resistance zone around $0.23\u2013$0.25<\/strong>. This level corresponds to a former support area that flipped to resistance during the 2024 correction. A confirmed daily close above this level would open the door toward $0.30<\/strong>, the natural target for bulls in a bullish continuation<\/strong> scenario.<\/p>\n\n\n\n

Volume accompanying the move higher<\/strong> remains an encouraging sign: the upside sessions have been backed by above-average volume, reinforcing the validity of the breakout from the bearish structure. That said, the current consolidation below $0.23 betrays a degree of market hesitation \u2014 buyers are waiting for confirmation before committing in size.<\/p>\n\n\n\n

1.33 Billion ENA Unlocking: The Threat Hanging Over the Rally<\/h2>\n\n\n\n

This is the factor drawing all the attention. Approximately 1.33 billion ENA tokens<\/strong> held by early-stage investors<\/strong> are set to unlock in the coming weeks. This represents the final major unlock<\/strong> tied to the project’s investor allocations \u2014 an event the market is approaching with understandable caution.<\/p>\n\n\n\n

Historically, large-scale token unlocks<\/a><\/strong> generate mechanical selling pressure<\/strong>: institutional investors who acquired their positions at prices far below current market levels have a natural incentive to take profits. If a significant portion of these 1.33 billion ENA tokens hits the market simultaneously, the resistance at $0.23 could harden into a lasting ceiling \u2014 or even trigger a retracement toward the support zone at $0.17\u2013$0.18<\/strong>.<\/p>\n\n\n\n

That said, not every unlock translates into immediate selling. Some institutional holders adopt gradual distribution strategies<\/strong>, and the demand dynamics<\/strong> at the time of the unlock play a decisive role. If market sentiment remains favorable and buying volume absorbs the additional supply, ENA could weather the event without a major correction.<\/p>\n\n\n\n

$0.30 in Sight: The Conditions for a Bullish Scenario<\/h2>\n\n\n\n

For the $0.30<\/strong> target to become realistic, several conditions need to align. First and foremost, ENA must post a weekly close above $0.23\u2013$0.25, confirming the resistance breakout<\/strong> and attracting additional buying flow. This type of technical confirmation<\/strong> often triggers algorithmic buying and momentum-driven entries that accelerate the move.<\/p>\n\n\n\n

On the fundamental side, Ethena<\/a><\/strong> continues to develop its ecosystem around USDe<\/strong>, its synthetic stablecoin<\/strong> backed by delta-neutral positions on ETH. The protocol generates yield through the funding rate<\/strong> on perpetual markets \u2014 a model that attracts capital during bull market conditions, creating organic demand for the ENA token used in governance<\/strong> and staking<\/strong>.<\/p>\n\n\n\n

On the flip side, a failure to clear $0.23 combined with unlock-driven selling pressure could drag ENA back toward the $0.15\u2013$0.17<\/strong> zone, erasing a significant portion of the recent rally. The market is therefore at a decisive crossroads<\/strong>: the coming weeks will determine whether this rebound marks the beginning of a structural recovery<\/strong> or is simply another bear market rally<\/strong>.<\/p>\n\n\n\n

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