- The Ethena token ENA has risen by nearly double digits within 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 push higher amid Ethena’s key fundamental strengths.
The price of Ethena (ENA) climbed almost 10% over the past 24 hours despite an imminent large token unlock for the USDe stablecoin platform.
With ENA trading around $0.69, the token is signaling a potential breakout if buyers can absorb selling pressure from the scheduled unlock of more than 94 million ENA tokens.
Meanwhile, trading volume surged 53% to over $574 million and market capitalization rose to $4.6 billion, making Ethena one of the top gainers of the day.
Bitcoin Cash, Tornado Cash and Sky were among other strong performers over the same 24-hour period.
Ethena price rises ahead of token unlock
As noted, Ethena is preparing for a major token unlock: 94.2 million ENA tokens are scheduled to be released on September 2.
At current prices, the tokens being unlocked represent roughly $63.1 million in circulating value, with the event planned for 15:00 (UTC+8).
On-chain details shared by SoSoValue on X show the large ENA unlock will account for about 0.63% of the total supply.
Notably, the unlocked coins are split between the ecosystem fund and the foundation, with 53.55 million ENA allocated to the fund and 40.64 million ENA to the foundation.
On-Chain Alert: A significant Ethena ($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 critical events in the crypto market and often affect liquidity and price stability.
ENA’s price is likely to fluctuate around the time of the release, with trader sentiment being the primary driver of short-term moves.
However, this unlock coincides with meaningful milestones for the Ethena network, including the adoption and growth of its synthetic dollar, USDe.
Over the past month, USDe’s market cap surpassed $12 billion, Ethena’s cumulative gross yields exceeded $500 million, and more than $30 million in premiums were distributed on the platform.
These strong fundamentals and broader market sentiment could help support ENA’s price despite the 94 million tokens entering circulation.
Ethena price outlook
The ENA token reached a high of $0.85 in August, after rebounding strongly from lows near $0.51 at the start of the month.
Profit-taking pushed the price down to about $0.62 before a bullish recovery stalled near $0.75.
Ethena price chart from TradingView
Following the recent uptick, Ethena is trading again near the $0.70 level. The current daily chart for ENA shows a possible cup-and-handle formation.
This pattern often signals a continuation of an uptrend, and a decisive move above $0.80 would likely confirm bullish momentum for Ethena.
Daily RSI sits above 54 and the asset remains in an uptrend, supporting the positive outlook. Buyers could target $1.26 in the near term if momentum persists.