Well, well, well, just when everyone expected chaos, Ethena’s native token ENA pulled a sneaky move. Over 40 million ENA tokens unlocked earlier today, which usually screams “dump incoming!” but nope, instead of tumbling, ENA barely blinked.
According to Tokenomist, exactly 40,999,999 ENA tokens (yeah, nearly 41 million) worth over $12 million at current market prices were unlocked at around 7 a.m. UTC on Monday. Normally, unlocking that many tokens would send price charts into a tailspin, but ENA shrugged off the extra supply, slipping just 1% in the last 24 hours. That tells us one thing: bullish token holders are sticking around, soaking up the new supply like crypto sponges.
Adding fuel to the bullish fire, ENA’s futures open interest climbed 2%, now clocking in at $387 million. For the uninitiated, open interest (OI) is the total number of active derivative contracts like futures or perpetual swaps. When OI goes up, it means fresh money is flooding into the market, and traders are gearing up for action, whether that’s betting on a rebound or steady prices.
And get this, ENA’s funding rate is sitting pretty at a positive 0.0059%. That means longs are paying shorts, signaling strong demand for long positions. In other words, traders are putting their money where their mouth is, expecting ENA to hold steady or climb.
What’s Next for ENA? A Bullish Bounce or a Support Test?
Right now, ENA is trading around $0.34, comfortably above the support level of $0.24. If the bulls get serious, ENA could push up to $0.37, and breaking that resistance might just open the door for a run toward $0.41.
Of course, no crypto story is complete without a “but.” If selling pressure heats up, ENA could slip back down to its $0.24 support level, reminding everyone that crypto markets love drama.
So, despite the massive token unlock, ENA’s resilience and trader confidence are keeping the party alive. It’s a good reminder that sometimes, the crypto crowd can surprise you.
Emily Johnson
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