ENA Token Struggles Below Key Resistance Ahead of 40 Million Token Unlock

Ethena's native token ENA is currently trading at $0.2546, marking a 4% decline in the past 24 hours and extending its monthly loss to 17% as a significant token unlock approaches. The price has been consolidating cautiously between $0.2507 and $0.2659, showing signs of stagnation below crucial resistance levels. Tokenomist data reveals that approximately 40.63 million ENA tokens (worth $10.34 million) will be released today on July 2, representing 0.67% of the circulating supply. With only 39% of the total 15 billion ENA supply currently in circulation, today's unlock is part of an ongoing vesting schedule that may introduce periodic selling pressure. While previous token unlocks have been absorbed without sustained price declines, the timing creates market uncertainty, particularly given reduced trading volume and derivatives interest preceding the event. Over the past 24 hours, spot trading volume has fallen 29% to $115 million, while derivatives volume dropped 37.7% to $316.75 million, with open interest also declining slightly to $319.06 million. Technical indicators remain bearish, with ENA trading below all major moving averages (10-day to 200-day) and showing weak short-term momentum beneath its 20-day EMA and SMA. While the RSI at 41.4 approaches oversold territory, momentum and MACD indicators show only tentative signs of recovery. Bollinger Bands have narrowed, suggesting reduced volatility, though the price's proximity to the lower band warns of potential breakdown risks. Market participants will watch whether ENA can maintain support above $0.25 post-unlock. Successful absorption could pave the way for a recovery toward $0.28, while failure might expose the token to further downside toward the $0.22-$0.23 range.