Ethena token unlock will issue tokens worth $ 728 million on 5 March, adding 2.07 billion ENA into circulation.
As data From the tokenomist, it is 66.19% of the total supply. Ethana currently has a market capitalization of 3.13 billion tokens and $ 1.08 billion in circulation.
It comes as Ethena’s Stabecrim, Ethena as USDE (USDE), saw its largest single-day redemption on 1 March, withdrew to 268 million USDEs, reduced the total supply by 4.7%. Eena has fallen 18% in the last 24 hours.
In the technical side, ENA is currently trading at $ 0.3476 and is clearly on a downtrend. Strong sales pressure is indicated by an increase in volume with dominance in red candles and possibly related to recent tokens unlock. The 9-day EMA continues to act as resistance, strengthening the speed of recession.
The latest recession of ENA was exaggerated by bounce in selling after a failed breakout near $ 0.4836. The relative power index at 36.85 indicates that the token is getting closer to the oversold area, but no clear indications of a reversal have appeared.
If Eena falls below $ 0.3476, the price may decrease even more, which can lead to new climb. Inverted, the nearest resistance level is $ 0.4028, and a high amount of recovery will indicate the introduction of a recovery. The trend is still recession for the time, but a strong fast step can target $ 0.4836.
Ethena is creating a crypto-root option for traditional banking with its Ethereum-based synthetic dollar system, USDe. In $ 5.4 billion, USD is now the fourth largest stabelcoin. Athena plans to launch her blockchain and start a tradefi-compatible token. It is also rolling IusDe, a version of its stacked usde designed for institutional investors, which is ready to focus its main focus in Q1 2025.
