Ethena price forecast amid a 94 million ENA token unlock

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  • 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...

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