Ethena Gains 8% Today Despite 40M Token Unlock

Ethena surprised markets today with a strong 8.3% rise, following the release of over 40 million tokens into circulation earlier in the day. Such a development typically raises concerns, particularly for newer tokens within still-developing ecosystems.

Thus, many traders had anticipated a sell-off, given that a major inflow of tokens often leads to downward pressure. Instead, the market responded positively, and ENA is now trading at $0.3359, outperforming forecasts and reflecting growing market confidence.

Why the Expected Pullback Didn’t Happen?

A 40 million token unlock typically signals a bearish move, but markets don’t always respond in predictable ways. In ENA’s case, what might have triggered a sell-off instead served as a sentiment check, and so far, sentiment is holding firm.

The token briefly dipped less than 1% over 24 hours before recovering, a sign that holders weren’t eager to exit. That stability may be tied to growing confidence in Ethena’s long-term prospects, bolstered by recent integrations and stronger ecosystem momentum.

Timing could also be playing a role. With the broader crypto market showing limited volatility this week, many traders remain on the sidelines. When the expected drop failed to materialize, it created room for a contrarian push—one that used the calm as an opportunity to drive prices higher.

Growing Interest in Futures Suggests Confidence

Another important factor is derivatives. ENA’s futures open interest rose by 2% today, reaching just under $387 million. While that figure alone may not seem significant, the surrounding context is crucial. A simultaneous increase in futures open interest, price, and volume typically points to fresh capital entering the market, often with a bullish outlook.

Futures markets are where professional traders often reveal their sentiment. When long positions grow despite a major supply event, it’s rarely just background noise but a meaningful signal. Ethena’s current funding rate of 0.0060% supports this view. A positive rate indicates that long traders are willing to pay a premium to maintain their positions.

In short, traders are leaning in. When this dynamic aligns with continued strength in the spot market, it can create the conditions for a short-term rally. It’s not a certainty, but it’s a setup worth watching.

Positive Momentum for ENA Continues

Based on the chart, ENA appears to have established a solid support level around $0.24. This base held steady during today’s token release, and the price has since moved well above it. With current momentum pointing toward the $0.37 level, the next key resistance lies near $0.41.

Notably, daily trading volume has surged over 104% in the past 24 hours, which reflects broader market engagement. If momentum continues, a clear break above $0.37 could pave the way for a move toward $0.41.

That said, the path forward isn't guaranteed. If price stalls or volume declines, market sentiment could shift. The $0.30 level remains an important area to monitor; a drop below it may alter the outlook. For now, however, bulls appear to be in control, with market conditions supporting continued upside.

What It Means for ENA?

Ethena’s resilience following a major token release carries psychological significance. It suggests growing investor confidence, with ENA holders staying put and short-term traders positioning for potential gains.

Of course, there are always risks, and sentiment can change fast. However, if this momentum continues and resistance levels start to fall, ENA could find itself in a very different position by the end of the week.