Why Is $ENA pumping today? Here’s what’s really happening:
The May 5 unlock of 171M $ENA (~$53M) didn’t crash the price. Market absorbed it like a champ. That’s a strong sign of real demand and confidence.
Shorts piled in expecting a post-unlock dip, but price held steady. As it started climbing, those shorts began closing — creating a short squeeze.
Ethena’s stablecoin, USDe, is gaining traction. It’s quickly rising in TVL and adoption, becoming a top synthetic dollar play. The “real yield” narrative is back in focus.
Technically, ENA is trading in the $0.32 – $0.38 range — forming a solid base. It’s testing the top of that range now. If it breaks and holds above 0.40, momentum could accelerate fast.
Market sentiment is flipping from bearish to bullish. Those who faded the unlock are now chasing back in.
Support zone: 0.32 – 0.38
Major resistance: 0.40
Breakout targets: 0.45 – 0.52
Invalidation: below 0.315 with strong sell volume
Looks like accumulation might be done. A confirmed breakout above 0.40 could trigger the next leg up.
