Ethena (ENA) Holds Steady Amid Token Unlock and Anticipated Coinbase Listing, Eyes Bullish Momentum from DeFi Expansion

Ethena’s native token ENA experienced a recent token unlock of approximately 40 million tokens ($12.73 million), representing 0.7% of its circulating supply. Unlike previous unlock events that triggered sell-offs, ENA maintained strong price action, holding over 36% above its yearly low and currently trading around $0.34 with a $2 billion market cap. Short-term sentiment improved significantly following the announcement of an upcoming Coinbase listing, traditionally a strong bullish driver due to enhanced liquidity and investor exposure. ENA initially spiked 10% post-announcement and shows resilience in the face of increased supply, reflecting robust demand. Additionally, Ethena’s DeFi ecosystem is rapidly expanding, with its USDe stablecoin reaching nearly $5.8 billion in total value locked (TVL), now ranking fourth in the DeFi sector. USDe adoption is increasing with over 709,000 wallets, offering 8% APY via arbitrage and further extending its user base through integration with the TON blockchain. Ethena Labs also announced a partnership with Securitize to launch the Converge blockchain, focusing on real-world assets (RWA), with the mainnet set to launch soon. Technically, ENA has flipped a multi-month downward trendline, with resistance at $0.51, and a breakout could target $1—a key psychological and Fibonacci level. Downside risk remains if ENA falls below $0.25, potentially sending it to $0.20. In summary, the recent stable reaction to the token unlock, further DeFi integrations, and a high-profile listing on Coinbase all point to bullish momentum and growing investor confidence in ENA.