The native Ethena currency, ENA, faces a potential price collapse risk as the new unlock date approaches, which will release over 40 million tokens worth approximately $12.7 million on June 2nd. This event has raised concerns among investors and negatively impacted market sentiment, although the quantity represents less than 1% of the total supply.

ENA is experiencing a continuous decline, with its price dropping by 2% over the past 24 hours to $0.304, having breached several important technical support levels, increasing the likelihood of further price bleeding towards the $0.25 level if selling from lock participants increases.

Technical indicators reflect a clear state of weakness, as the Relative Strength Index approaches the oversold territory, accompanied by a bearish crossover in the MACD indicator, with the currency trading below key moving averages. However, potential signs of recovery may emerge if the currency can surpass the 20-day average and reclaim the $0.32-$0.34 range, especially with potential support from positive news about the expansion of the Ethena network, which recently integrated the stablecoin USDe into the TON network and reached over 900 million users.

As the full launch of the decentralized EtherealDEX platform approaches this year, ENA's future remains tied to market developments and the platform's ability to attract new users.