Key Takeaways:
- ENA rebounded 3.44% to $0.0912 after testing $0.079 support
- Team-linked wallets deposited 7.5M ENA to Binance before the unlock
- Negative funding rate at -0.0014% signals bearish positioning
Back
ENA rebounds 3.44% from $0.079 support ahead of $23.6M token unlock
ENA rose 3.44% to $0.0912 after buyers defended the $0.079 support zone, as traders weighed a $23.6 million token unlock scheduled between June 2 and 5.
"The timing of team-linked wallet deposits to Binance ahead of the unlock window has amplified supply concerns," Coinglass data showed, with spot netflow turning positive at $851,520 as more ENA moved onto exchanges than left them.
Wallets linked to the Ethena team deposited 7.524 million ENA, worth about $672,000, to Binance in the days leading up to the unlock. The broader unlock involves 267 million ENA tokens, representing a significant portion of circulating supply. The OI-Weighted Funding Rate declined to approximately -0.0014%, indicating traders were paying to maintain short exposure.
The $0.079 support level remains critical — a breakdown would open the door to further downside, while a sustained hold could allow ENA to challenge the $0.1323 resistance. The RSI at 38.86 has started curving higher from recent lows, suggesting bearish pressure may be easing, though the negative funding rate shows derivatives traders remain skeptical of a sustained recovery.
The token unlock event comes at a time when ENA has struggled to establish a sustained recovery, trading within a multi-month range between $0.0790 and $0.1323. Exchange inflows have reinforced concerns about potential selling pressure, with spot inflow/outflow data showing a positive netflow of approximately $851,520 — a notable shift after months of predominantly negative netflows that suggested tokens were being moved into long-term storage.
ENA is the native token of Ethena Labs, a protocol that issues the USDe synthetic dollar on Ethereum. The scheduled unlock releases tokens to early investors and team members, who may choose to sell their allocations. The $0.0790 support zone has held through multiple tests, and the latest rebound from that level suggests buyers remain active despite the looming supply event.
If demand absorbs the unlock-related selling, ENA could extend its rebound toward the middle of its range. However, failure to hold $0.0790 would likely accelerate selling pressure, with the next support levels not clearly established below that zone.
This article is for informational purposes only and does not constitute investment advice.
