📉Ethena falls due to $106 million token unlock, Aave liquidity risk raises concerns

#ENA recently unlocked 171.8 million tokens, accounting for 2.6% of the total supply, releasing over $100 million worth of circulating chips, intensifying market selling pressure. The current trading price is about $0.58, down 2.9% for the day and 5.6% for the week.

🔍At the same time, Chaos Labs warned that it has a $4.7 billion risk exposure on #AAVE , with liquidity risk raising market vigilance.

Although the technical support remains and ecological cooperation is strong, the large unlock coupled with Aave's risk may still pressure prices in the short term.

📊 ENA Technical Analysis

ENA's current price momentum has cooled somewhat, but the overall structure remains robust:

RSI Index: 53, indicating neutral market sentiment;

Bollinger Bands are contracting, showing decreased volatility, with prices correcting from a recent high of $0.67;

Key support: $0.56–$0.58 range, if broken, may correct to $0.52;

50-day & 100-day EMA: $0.414 and $0.389 respectively, ENA's current price is still above these levels, supporting a medium to long-term upward structure;

If it stabilizes and breaks through $0.60 with volume, it may retest the resistance level at $0.65.

Overall, despite being pressured in the short term due to the unlock and Aave exposure, the technicals still support a bullish outlook in the medium to long term.