Decoding the Impact of Ethena’s $728M ENA Unlock on Mar. 5

Ethena Token Unlock will release $ 728 million in chips on March 5, adding 2.07 billion ENA in circulation.

According to data From Tokenomist, this unlock represents 66.19% of its total offer. Ethena (This one) currently has 3.13 billion tokens in circulation and a market capitalization of $ 1.08 billion.

This comes under the name of Stablecoin d’Ethena, Ethena Usde (TO USE), saw its greatest redemption of one day on March 1, with 268 million USDE withdrawn, reducing the total offer by 4.7%. ENA has dropped by 18% in the last 24 hours.

On the technical side, ENA is currently negotiating at $ 0.3,476 and is clearly downwards. Strong sale pressure is indicated by the volume wave with domination in red candles and is probably linked to the unlock of recent token. The 9 -day EMA continues to act as a resistance, strengthening the lowering momentum.

ENA’s latest embellishment was exaggerated by an increase in sales following an escape failed nearly $ 0.48,836. The index of force relating to 36.85 indicates that the token is close to the area of ​​Surolon, but no obvious sign of reversal appeared.

The price may decrease even more if ENA drops below $ 0.3,476, which could lead to new hollows. Uplining, the nearest level of resistance is $ 0.4028, and a high volume restoration would indicate the start of a recovery. The trend is still down at the moment, but a stronger bullish movement could target $ 0.4836.

Ethena builds a crypto-native alternative to the traditional bank with Sound Ethereum synthetic Dollar system, USDE. At $ 5.4 billion, the USDE is now the fourth The largest stablecoin. Ethena plans to launch her blockchain and introduce a tradfi compatible token. It also unrolls Iusde, a version of its marked USDE designed for institutional Investors, who should be its main objective in the first quarter of 2025.