Ethena (ENA) Token Unlock Scheduled for Tuesday, April 2.024-04-01

The native token of the fast-growing Ethena protocol, $ENA, is again in the spotlight. As the broader crypto market cools off, Ethena has quietly experienced rising trading volume

The native token of the fast-growing Ethena protocol, $ENA, is again in the spotlight. As the broader crypto market cools off, Ethena has quietly experienced rising trading volume, technical setups hinting at a trend reversal, and price movements defending key support levels.

But there’s also a looming risk that has traders on edge, as a token unlock is scheduled for Tuesday, April 2.

Ethena Price Gains 3.34% in 24 Hours, Bounces from Key Support

According to CoinMarketCap data, Ethena crypto is trading at $0.3643, up 3.34% in the past 24 hours. It has a market cap of $1.92 billion and a healthy 24-hour volume of $164.4 million.

The token’s total value locked (TVL) stands at $5.28 billion on DefilLama, and Ethena’s trading volume over the past 24 hours surged by 14.72%, indicating increased interest and engagement.

From the price chart, the ENA price has shown consistent bounce behavior around the $0.342–$0.345 support zone, forming a base over the past few days. It recently reached a local high of $0.3728 before slightly retracing, a typical action in a consolidating uptrend.

This rebound comes after weeks of corrective movement, where ENA printed lower lows. But traders are now watching for signs of a reversal.

Prominent technical chartist @ali_charts shared a key observation:

As long as Ethena $ENA defends the $0.342 support, it could climb toward $0.473. Keep it on your radar! pic.twitter.com/uT67K96t2A

— Ali (@ali_charts) March 31, 2024

The chart shows clear horizontal support around $0.342 and a potential rally toward $0.47, should the level continue to hold. This zone is seen as a battleground between bulls and bears—and for now, bulls seem to be winning.

Similarly, Scient, another respected chartist in the crypto space, noted that Ethena is attempting a first lower high on the daily chart after a series of lower lows over the past two months.

He suggests that if the Ethena price confirms this lower high and holds current support, it could be the beginning of a broader bullish structure. His chart outlines a potential move toward $0.60–$0.80, pending strong follow-through from buyers.

There’s a Catch: $32.6M ENA Token Unlock Incoming Today

While the charts are leaning bullish, a major supply event is approaching. According to CryptoRank, Ethena ($ENA) will unlock 94.19 million ENA tokens worth approximately $34.32 million USD on April 2—the second-largest unlock of the week across all projects, trailing only SUI.

This unlock is equivalent to 1.78% of the market cap, and while it might seem minor with 5.28B ENA in circulation, it could still pressure the price if recipients choose to sell.

Historically, large unlocks tend to trigger either short-term dips or increased volatility as market participants adjust to the new supply. So, while sentiment and structure look bullish, this token unlock is a wild card.