Ethena (ENA) holds its upward momentum after the unlock of 40 million tokens – What is the next step?

On June 2nd, over 40 million ENA tokens were officially unlocked, raising concerns about a significant market correction. However, contrary to expectations of a massive sell-off, the native token of Ethena demonstrated impressive strength against the increased supply pressure.

This move not only reinforces investor confidence but also opens up new growth prospects for ENA. With a solid recovery momentum and market sentiment gradually leaning towards the positive, this altcoin could certainly set new price milestones in the near future.

Traders rush into ENA as 40 million tokens are unlocked.

According to Tokenomist, nearly 41 million ENA tokens — equivalent to over 12 million USD at the current market price — were unlocked at around 2 PM on Monday ( Vietnam time ).

The next step for ENA: Check support or break above the $0.41 mark?

Currently, ENA is trading at $0.33, above the strong support zone established around the $0.25 level. If buying momentum continues to pour in, this token could very well break towards the $0.35 price range.

! ENA/USDT Daily Chart | Source: TradingViewIn case ENA breaks through this important resistance, the rally will be pushed even stronger, with the next target being $0.44.

However, if selling pressure increases, ENA is likely to face deeper adjustment pressure, pulling the price back to the support zone of $0.25.

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