- Eténan token ENA has climbed by nearly double-digit percentages in the past 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 higher amid Ethena’s key fundamental strengths.
Ethena (ENA) has gained almost 10% over the last 24 hours ahead of a significant token unlock on the USDe stablecoin platform.
At $0.69, Ethena is positioned for a potential breakout if buyers maintain momentum following the planned release of over 94 million ENA tokens.
Trading volume has risen 53% to more than $574 million, and market capitalization has climbed to $4.6 billion, placing Ethena among the day’s top performers.
Other leading gainers in the past 24 hours include Bitcoin Cash, Tornado Cash and Sky.
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 the current price, the circulating tokens being unlocked are worth roughly $63.1 million, with the release planned for 15:00 (UTC+8).
On-chain data shared by SoSoValue on X indicates the unlock represents about 0.63% of total supply.
The tokens are split between the ecosystem fund and the foundation: 53.55 million ENA to the ecosystem fund and 40.64 million ENA to the foundation.
On-Chain Alert: A significant Ethena ($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
Kudos: token unlocks are critical events in crypto markets and often affect liquidity and price stability.
Ethena’s price is likely to experience volatility around the unlock, and trader sentiment will be key to short-term price moves.
This unlock comes amid several notable milestones for the Ethena network, including the success of its synthetic dollar, USDe.
Over the past month USDe has exceeded $12 billion in market value, while Ethena surpassed $500 million in cumulative gross interest earned. The project also distributed over $30 million in rewards.
Strong fundamentals and broader market sentiment could help cushion ENA’s price even as 94 million tokens are released.
Ethena price outlook
ENA reached a peak of $0.85 in August after rising sharply from a low near $0.51 earlier in the month.
Profit-taking pushed the price down to about $0.62 before the subsequent uptrend slowed near $0.75.
Ethena price chart
Following the latest rally, Ethena has returned near the $0.70 level, and the current daily chart shows a possible cup-and-handle pattern forming.
Such a pattern often signals continuation of an uptrend, and a breakout above $0.80 would likely confirm further bullish momentum for ENA.
The daily relative strength index is above 54 and rising, supporting the bullish case. Buyers may target $1.26 over the short term if momentum continues.