- Ethena’s token ENA is up nearly double digits in 24 hours as bulls eye a breakout above $0.80.
- The token faces a large unlock event of 94 million ENA.
- Analysts say the price could break out thanks to Ethena’s strong fundamentals.
Ethena (ENA) has risen almost 10% in the past 24 hours despite a major token unlock looming for the USDe stablecoin platform.
With ENA trading around $0.69, the market is signaling a potential breakout if buyers maintain momentum following the scheduled unlock of over 94 million ENA tokens.
Trading volume has jumped about 53% to more than $574 million, while market capitalization sits near $4.6 billion, placing Ethena among the day’s top gainers.
Bitcoin Cash, Tornado Cash and Sky are also among the cryptocurrencies that have performed well in the last 24 hours.
Ethena price rises ahead of token unlock
As noted, Ethena is preparing for a significant token unlock: 94.2 million ENA tokens are scheduled to be released.
At the current price, the total value of the tokens entering circulation is approximately $63.1 million, with the unlock planned for 15:00 UTC+8.
On-chain details shared by SoSoValue indicate this unlock represents about 0.63% of ENA’s total supply.
The distribution will be split between the ecosystem fund and the foundation, with 53.55 million ENA allocated to the ecosystem fund and 40.64 million ENA to the foundation.
On-Chain Alert: A significant Ethena ($ENA) unlock of 94.19M tokens (~$63.11M) is scheduled for today at 15:00 (UTC+8).
The unlock is split between two key sources:
• Ecosystem Fund: 53.55M $ENA
• Foundation: 40.64M $ENAUnlocks from different sources can have varying… pic.twitter.com/BWeXB5dCiZ
— SoSoValue (@SoSoValueCrypto) September 2, 2025
Token unlocks are important events in crypto markets and often affect liquidity and price stability.
ENA’s price is likely to experience volatility as the newly unlocked tokens enter circulation, with trader sentiment being the key driver of short-term moves.
This unlock arrives amid notable milestones for the Ethena network, including the continued growth of the synthetic dollar USDe.
In the past month USDe surpassed $12 billion in market value, Ethena exceeded $500 million in cumulative gross interest income, and the protocol distributed more than $30 million in rewards.
Those strong fundamentals and overall market sentiment could support ENA even as 94 million tokens are released.
Ethena price outlook
ENA hit highs near $0.85 in August after rallying from lows around $0.51 earlier in the month.
Profit-taking pushed the price down toward $0.62 before a bullish rebound stalled near $0.75.
The price has climbed back toward the $0.70 level after the recent upswing, and the daily chart now shows a potential cup-and-handle pattern.
That formation often signals a continuation of a bullish trend, and a decisive breakout above $0.80 would likely confirm the pattern for Ethena.
The daily RSI sits above 54 and is trending upward, supporting bullish prospects. Short-term upside targets could reach around $1.26 if buyers maintain control.