Ethena price steadies near $0.67 but $25M ENA token unlock could shake fragile rebound

Ethena price has bounced to $0.67 with rising volume and a surge in on-chain activity, but a $25 million token unlock could decide if the rebound holds or shatters.

Ethena ( ENA ) is trading around $0.6782 after a steady climb over the past week. The token is up 7.5% in the past 24 hours, extending its seven-day performance to 8% and recording a 36% gain over the last month.

Daily spot trading volume hit $566 million in the past 24 hours, up 54% from the previous day. Derivatives have also picked up pace, with Coinglass data showing volume at $1.99 billion, a 33% increase. Open interest, on the other hand, rose by nearly 11% to $1.39 billion.

Rising open interest and volume indicates that traders are opening new positions, which can lead to larger swings when sentiment changes.

Ethena on-chain metrics surge

On-chain activity is also showing strength. Ethena generated $67.9 million in fees over the past seven days, putting it just behind Tether’s $149 million, according to DeFiLlama data .

Its total value locked has nearly doubled in two months, crossing $12 billion in late August compared to $5.4 billion in early July. These figures highlight growing demand for the protocol, even as traders weigh short-term risks.

Ethena token unlock adds uncertainty

Still, supply dynamics could complicate the bullish outlook. On Sept. 2, around 40.6 million tokens worth $25.4 million will be unlocked, as per Tokenomist data . This represents 0.64% of the circulating supply.

To date, only 42% of ENA’s maximum 15 billion tokens are in circulation. While not enormous compared with daily volume, token unlocks often create selling pressure, especially after a strong rally, as early holders gain liquidity.

At present, ENA has a market cap of $4.48 billion and a fully diluted valuation of $10.17 billion. This valuation gap implies that investors are still looking ahead, but it also implies that if risk appetite softens, unlocks may test demand.

Ethena price technical analysis

ENA’s daily chart shows cautious optimism. The trend is still upward as long as ENA stays above important moving averages ranging from the 10-day to the 200-day. The MACD displays a soft sell signal, and the relative strength index is at 53, which is a neutral value.

Ethena daily chart. Credit: crypto.news

The flatness of other momentum indicators, like Williams %R and stochastic, suggests hesitancy rather than conviction. For now, support is building around $0.65. If ENA exits the $0.70–0.72 range, it might move closer to $0.75. Prices may drop back down to $0.61 if they fall below $0.65.

As the Sept. 2 unlock draws near, the market will soon learn whether ENA’s recovery has sustained itself or if profit-taking shortens it.