$ENA
๐ Ethena (ENA) Soars Despite Unlock Fears!
๐ฅ Is the Market Finally Turning Bullish?
Today, Ethenaโs $ENA is making waves with a ~13% surge, trading around $0.60 despite facing a massive 171.8M token unlock scheduled for August 6th (~$100M in value). ๐
๐ Whatโs Fueling the Surge?
$USDe Growth: Ethenaโs synthetic stablecoin has now crossed $9.3B supply, making it the 3rd-largest stablecoin globally ๐
TVL Explosion: With over $9.4B Total Value Locked, Ethena is now #6 among DeFi protocols ๐
Institutional Backing: Treasury-backed buys, a $360M raise, and potential Nasdaq listing on the horizon ๐
Bullish Sentiment: Futures volume and open interest climbing fastโsmart money might be accumulating again ๐ฐ
โ ๏ธ Key Risk Ahead
Despite the rally, a massive unlock event is loomingโ2.6% of total supply hits the market tomorrow. This could trigger sell pressure unless offset by strong demand or treasury absorption.
๐ฌ Community Buzz
> โPeople are front-running the unlockโwhat if Ethena flips bearish liquidity into a bullish breakout?โ
โIf $ENA can absorb this unlock, $0.75 is easily in play.โ
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๐ Short-Term Levels to Watch:
Resistance: $0.64 โ $0.70
Support: $0.55 โ $0.52
Breakout Target (if bullish momentum continues): $0.75โ$0.90 by end of August
