After a short bounce from the $0.28 low to around $0.35, Ethena (ENA) has started to pull back again and is currently trading near the $0.30 mark. Interestingly, the 24-hour trading volume is up by 15%, reaching around $245 million, which shows that there’s still solid activity around the token.
Now, the $0.30 level is turning out to be a critical support zone, especially with $52.97 million worth of ENA tokens set to be unlocked over the next seven days. Naturally, this raises concerns about increased selling pressure and whether the current price level can withstand it.
Here’s the good part — the $0.30 zone isn’t just any number. Back in November, this same level acted as a launchpad for a massive rally that saw ENA double in price to $0.67. That suggests there’s strong buying interest around this area, which could help absorb some of the upcoming sell-off pressure.
If $0.30 holds, we could see ENA stabilize here or even rebound. But if it breaks below this support, there's a real possibility that the price could dip back toward the previous key support level at $0.25.
That said, there are a few solid reasons to stay optimistic. First, ENA is set to be listed on Coinbase, which could bring a fresh wave of interest. Second, Ethena Labs has recently partnered with Securitize to launch Converge, adding more credibility and potential to the project.
Considering these positive developments and the fact that ENA has only fallen below $0.25 once — when it hit an all-time low of $0.19 back in September — it seems unlikely the token will break down that far again. $0.25 has proven itself to be a solid floor in the past.
In short, as long as ENA holds above $0.30, there’s no need to panic. It could very well be setting up for another strong move in the days ahead.
