Can Ethena find its footing before November’s unlock?
![Ethena’s [ENA] $101M unlock triggers 10% drop – Will $0.45 hold?](/wp-content/uploads/2025/10/8a6a9ba434ed87bfa3bceef20c18e58c.webp "Ethena’s [ENA] $101M unlock triggers 10% drop – Will $0.45 hold?")
Key Takeaways
Содержание статьи:
Why is ENA falling?
A 10% drop followed declining volume and heavy sell pressure from recent token unlocks.
What could shift sentiment for Ethena?
Holding wedge support and easing futures shorts might spark a short-term rebound before November’s next unlock.
Ethena [ENA] finds itself at a crossroads. After a sharp 10% drop, traders are watching whether the recent cooldown marks a pause or the start of a deeper slide.
AMBCrypto examined on-chain signals, trading data, and upcoming token unlocks to understand whether ENA’s current pressure could evolve into a broader trend shift.
Volume fades, liquidity dries up
The latest slump followed a noticeable decline in trading volumes, suggesting that the enthusiasm that fueled earlier gains has tapered off.
Lower liquidity typically amplifies volatility, making price moves more erratic once sellers gain control.
![Ethena’s [ENA] $101M unlock triggers 10% drop – Will $0.45 hold?](/wp-content/uploads/2025/10/b10946bafc0dbbb67360339011d19093.png "Ethena’s [ENA] $101M unlock triggers 10% drop – Will $0.45 hold?")
Source: Messari
Oversold indicators, but Futures’ bias stays bearish
On the technical chart, Stochastic RSI hovered near 22, at press time, deep in oversold territory, hinting that a short-term relief bounce could follow before testing the $0.45–$0.47 wedge support zone.
Even so, optimism among long-term holders persists as ENA’s consolidation phase nears completion on higher timeframes.
![Ethena’s [ENA] $101M unlock triggers 10% drop – Will $0.45 hold?](/wp-content/uploads/2025/10/2e32ec7247b6c31c7549f282b5c199d3.png "Ethena’s [ENA] $101M unlock triggers 10% drop – Will $0.45 hold?")
Source: TradingView
However, the Futures market presents a distinct picture.
According to Futures Taker CVD (Cumulative Volume Delta) from CryptoQuant, data showed dominance from taker-sell activity over the last 90 days.
It meant that leveraged traders continued to bet on further downside.
![Ethena’s [ENA] $101M unlock triggers 10% drop – Will $0.45 hold?](/wp-content/uploads/2025/10/8e0748e2995825960acbc70be7df8b9d.png "Ethena’s [ENA] $101M unlock triggers 10% drop – Will $0.45 hold?")
Source: CryptoQuant
This divergence between oversold technicals and persistent bearish futures sentiment leaves ENA in a precarious zone. If buyers fail to defend the current range, a retest of the wedge support appears increasingly likely.
Token unlock adds selling pressure
Adding to the headwinds, data confirmed that 171.88 million ENA worth $101.37 million entered circulation on the 5th of October, raising supply amid declining demand.
Such unlocks often trigger short-term selloffs as recipients offload newly available tokens, and the timing of this event likely amplified ENA’s recent slide.
Another 40.63 million ENA unlock, valued at roughly $21.82 million, is scheduled for the 2nd of November, which could keep downside pressure alive in the near term.
![Ethena’s [ENA] $101M unlock triggers 10% drop – Will $0.45 hold?](/wp-content/uploads/2025/10/1c94937dc63cd35a065524d6a1c21402.png "Ethena’s [ENA] $101M unlock triggers 10% drop – Will $0.45 hold?")
Source: Tokenomist
Key levels to watch
If ENA can hold its wedge support, short-term traders might attempt a rebound toward $0.55–$0.60.
Failure to maintain this level, however, could expose the token to further losses, especially as more unlocked tokens enter the market and futures traders maintain bearish positioning.
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