$ENA Ethena (ENA) has shown volatile but clearly upward performance recently. The synthetic dollar USDe issued by its DeFi platform has quickly surpassed a supply of $9.3 billion, rising to become the third-largest stablecoin by market capitalization, only behind USDT and USDC. With this significant ecological expansion, the ENA token has increased by about 13-15% in the past 24 hours, reaching a high of around $0.62, with trading volume simultaneously surging by 25-30%.

However, current market risks are also significant. Approximately $102-108 million worth of ENA tokens is expected to be unlocked on August 5-6, accounting for about 2.7% of the circulating supply, which may exacerbate short-term price volatility pressure.

Currently, technical indicators such as MACD and RSI show positive territory, and trader sentiment is leaning bullish, but there are warnings to be cautious of selling pressure triggered by the unlocking.

Overall, ENA is currently in a tug-of-war between market sentiment and supply pressure. The rapid ecological expansion supports the medium to long-term outlook, but attention is needed on the token's liquidity and whale behavior before and after the unlocking event. If the price holds steady at the $0.50–$0.55 support level, it may continue to test the $0.65–$0.70 range; otherwise, there is a risk of adjustment.