Ethena price forecast amid a 94 million ENA token unlock

• Ethena’s token ENA is up nearly double digits in 24 hours as bulls eye a breakout above $0.80.
• The token expects a major unlock event of 94 million ENA.
• Analysts say price could break out amid key fundamental strengths for Ethena.

Ethena (ENA) price is up nearly 10% in the past 24 hours, despite the USDe stablecoin platform facing a huge token unlock.

The price of Ethena at $0.69 signals a potential breakout if buyers drive sentiment post the over 94 million ENA token unlock event.

Meanwhile, trading volume has surged 53% to over $574 million and market cap to $4.6 billion, putting Ethena among the top gainers on the day.

Bitcoin Cash, Tornado Cash and Sky are among the outperformers in the past 24 hours.

Ethena price ticks up ahead of token unlock

As noted, Ethena is preparing for a significant token unlock, with 94.2 million ENA tokens set to be unlocked on Sept. 2.

Per current price, the total value of the tokens coming into circulation stands at around $63.1 million, scheduled for 15:00 UTC+8.

According to on-chain details shared by SoSoValue in a post on X, the huge ENA unlock will account for 0.63% of the total supply.

Notably, the coins will be distributed between the ecosystem fund and foundation, with 53.55 million ENA going to the fund and 40.64 million ENA to the foundation.

In the crypto market, token unlocks are critical events and often affect market liquidity and price stability.

Ethena’s price will likely swing amid the token release, with trader sentiment key to short-term price movement.

However, this unlock comes amid substantial milestones for the Ethena network, including the success of its synthetic dollar USDe.

The past month has seen USDe cross the $12 billion market cap, and Ethena surpassed $500 million in cumulative gross interest revenue. Ethena also saw over $30 million USDe of rewards distributed.

Strong fundamentals and broader market sentiment may thus help ENA price even as 94 million tokens come into circulation.

Ethena price forecast

The ENA token reached highs of $0.85 in August after a significant uptick from lows of $0.51 earlier in the month.

However, profit taking tanked prices to around $0.62 before a bullish bounce faded around $0.75.

Ethena price is back near the $0.70 mark after its latest uptick, with ENA’s current daily chart displaying a potential cup and handle pattern.

The pattern often signals a bullish trend continuation, and a price breakout above $0.80 is likely to confirm this for Ethena.

The daily RSI above 54 and upsloping add to this bullish outlook. Buyers could target $1.26 in the short term.