ENA Set to Explode, or Dump? All Eyes on August’s $100M Unlock

One thing to watch closely is the upcoming token unlock for Ethena ($ENA ) in early August — projected at 94M to 171M tokens (~$55M–$104M), which is around 1.5%–2.7% of total supply.

This is significant.

While the 4H chart shows bullish structure (price above key EMAs, RSI strong at 64), the unlock may bring short-term volatility — especially around the critical $0.70 resistance.

📌 Here’s the likely playbook:

Scenario 1: Bullish Breakout

If ENA breaks cleanly above $0.70 with strong volume, we could see a quick move to $0.75–$0.88, even $1.00. In this case, the unlock might just be a dip-buying opportunity if demand stays strong.

Scenario 2: Unlock Rejection

If price stalls at $0.70 while unlocks hit the market, early investors may sell into strength → leading to a possible drop to $0.60 or even $0.55.

🧠 Smart Strategy:

Watch volume + sentiment on unlock day. Sometimes the fear of unlocks causes dips early, but recovery follows as buyers step in post-shakeout.

Long-term, if Ethena keeps building adoption, $1.00+ is still in play — but entry timing matters.

TL;DR: Bullish chart, but fundamentals say caution near $0.70. Unlock = potential turbulence. Play breakout carefully, or wait for post-unlock clarity before going heavy.

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Tu Michael - Crypto Investor since 2017.