Ethena Faces Major Unlock: A Waiting Game for Traders
Today marks a significant event for Ethena (ENA) as over 66% of its circulating supply is being unlocked. This substantial increase in liquidity has sparked concerns about potential sell pressure in the market.
đš Current Market Status: ENA is currently trading at $0.3834, reflecting a 6.16% decline. The token has already dropped 71% from its previous swing high, which might discourage immediate selling. Investors who received unlocked tokens may opt to hold and wait for a potential recovery rather than exiting at current depressed prices.
đš Potential Market Impact: While the immediate sell-off risk may be low, the unlocking event could have a delayed bearish effect as sellers gradually offload their holdings. Eventually, these newly unlocked tokens will find eager buyers driven by FOMO, but timing remains uncertain.
đ Trading Strategy: For now, caution is advised. The best approach may be to stay on the sidelines and look for a shorting opportunity once a price bounce is accompanied by higher volume than the previous dips. Patience is key in navigating this unlock cycle.
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