$ENA

Ethena (ENA) has decreased by 3.3% over the day, while the entire cryptocurrency market has joyfully increased by 1.08%. The reasons are as predictable as Monday morning: the unlocking of tokens worth $106 million, alarming hints about Aave's liquidity, and the price's reluctance to break through $0.60.

1️⃣ Token Unlocking — a celebration for sellers

On August 5, 171.8 million ENA (~$100M) entered the market. Owners received fresh coins, and the market received fresh pain. If the tokens move to exchanges, we expect a mini-tsunami of profit-taking.

2️⃣ Aave and the game of “Jenga” with collateral

55% of all USDe ($4.7 billion) is held in Aave. If mass withdrawals or liquidations start, protocols could create a “domino effect.” Fortunately, Ethena has Anchorage and their USDtb reserves, but it’s still too early to sleep soundly.

3️⃣ Technical chill between $0.56 and $0.60

The price has pulled back to support at $0.56–$0.58 after failing to break through $0.60. RSI — 53, signal: “I’m tired, but I haven’t given up.” A downward breakout would lead to $0.52, while a rebound upward offers a chance for a comeback to $0.65.

💡 Conclusion:

ENA is experiencing a hangover after a 130% increase over the month. While the market digests the unlocking and glances at Aave, the token is trying to hold on at $0.56–$0.58. The real show will begin if the coins go to exchanges.