Recent token unlocks have introduced significant selling pressure, contributing to ENA’s price decline.
Technical indicators such as RSI and MACD suggest a continuation of the bearish trend.
Ethena’s native token, ENA, is under heavy fire as market bears tighten their grip. ENA is currently priced at $0.319, witnessing a decline of over 8% in the past 24 hours, with $241 million in daily trading volume. Ranked 47th by market cap, Ethena currently commands a $1.89 billion valuation. But the numbers only tell part of the story, behind the scenes, a massive token unlock might have inspired this downward spiral, resulting in selloffs and triggering critical technical signals.
Source: CoinMarketCap
On June 2, approximately 40.63 million ENA tokens, valued at around $12.73 million, were unlocked, representing about 0.7% of the circulating supply. This event was followed by another substantial unlock on June 5, releasing an additional 171.88 million tokens worth ov
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