ENA Token Surges 4% as DeFi Growth and Upcoming 171M Unlock Drive Market Momentum

Ethena (ENAUSDT) experienced a 4.06% price increase over the last 24 hours, rising from a 24h open of $0.5695 to a current price of $0.5926 on Binance. This upward movement follows heightened market activity driven by the upcoming unlock of 171 million ENA tokens (2.7% of market cap) scheduled for August 6, 2025, which initially introduced selling pressure and volatility as traders anticipated potential short-term supply increases. Despite a recent dip to a strong support level at $0.5564, the price rebounded as market participants responded to Ethena’s growing DeFi presence, with its USDe stablecoin now the third-largest by market cap and TVL reaching $9.53 billion. Increased derivatives trading volume and a majority of long positions also contributed to the positive momentum.

Currently, ENAUSDT is trading at $0.5926 with substantial 24-hour trading volume and a market capitalization near $3.8 billion, reflecting active interest and volatility as traders monitor key support and resistance levels.