Bearish Outlook as $30M Unlock Nears
The post Bearish Outlook as $30M Unlock Nears appeared on BitcoinEthereumNews.com. Ethena will unlock 94.19M ENA tokens on May 2, worth $30.3M or 1.7% of its market cap RSI and MACD hint at short-term optimism, but support near $0.3193 is now under pressure A second unlock on May 5 will release 171.85M ENA, raising fears of cascading sell pressure Ethena’s native token, ENA, is facing significant bearish pressure shaping its price prediction heading into a large token unlock planned for May 2, 2025. The release of 94.19 million tokens (0.63% of total supply) is a key factor influencing ENA’s near-term market outlook. The estimated value of the unlocking is $30.3 million, amounting to 1.7% of ENA’s market cap. Token unlocks often introduce new supply into circulation, which can depress prices if demand doesn’t keep pace. The May 2 unlock will be followed by an even larger unlock on May 5, releasing 171.85 million ENA (1.15% of total supply), valued at $55.28 million or 3.09% of the market cap. These back-to-back releases raise serious concerns about near-term selling pressure. Technical Analysis: Mixed Signals Cloud ENA’s May 2 Price Outlook From the recent low at $0.3018 to the local high at $0.3253, ENA has retraced and bounced precisely around the 0.618 level ($0.3108), a key zone that often marks strong support. The price currently trades at $0.3217, close to the 0.236 retracement level at $0.3193, indicating a modest recovery. However, the inability to reclaim $0.3253 would confirm a local top and possibly signal further downside. The Relative Strength Index (RSI) reading is 54.34, a neutral level indicating room for price movement in either direction. The RSI has trended higher recently, which might point to short-term buying activity, potentially related to the unlock event or a broader relief rally. Related: Token Unlock Calendar May 2025: Key Dates for WhiteBIT, SUI, PYTH, Aptos Additionally, the…
The post Bearish Outlook as $30M Unlock Nears appeared on BitcoinEthereumNews.com.
Ethena will unlock 94.19M ENA tokens on May 2, worth $30.3M or 1.7% of its market cap RSI and MACD hint at short-term optimism, but support near $0.3193 is now under pressure A second unlock on May 5 will release 171.85M ENA, raising fears of cascading sell pressure Ethena’s native token, ENA, is facing significant bearish pressure shaping its price prediction heading into a large token unlock planned for May 2, 2025. The release of 94.19 million tokens (0.63% of total supply) is a key factor influencing ENA’s near-term market outlook. The estimated value of the unlocking is $30.3 million, amounting to 1.7% of ENA’s market cap. Token unlocks often introduce new supply into circulation, which can depress prices if demand doesn’t keep pace. The May 2 unlock will be followed by an even larger unlock on May 5, releasing 171.85 million ENA (1.15% of total supply), valued at $55.28 million or 3.09% of the market cap. These back-to-back releases raise serious concerns about near-term selling pressure. Technical Analysis: Mixed Signals Cloud ENA’s May 2 Price Outlook From the recent low at $0.3018 to the local high at $0.3253, ENA has retraced and bounced precisely around the 0.618 level ($0.3108), a key zone that often marks strong support. The price currently trades at $0.3217, close to the 0.236 retracement level at $0.3193, indicating a modest recovery. However, the inability to reclaim $0.3253 would confirm a local top and possibly signal further downside. The Relative Strength Index (RSI) reading is 54.34, a neutral level indicating room for price movement in either direction. The RSI has trended higher recently, which might point to short-term buying activity, potentially related to the unlock event or a broader relief rally. Related: Token Unlock Calendar May 2025: Key Dates for WhiteBIT, SUI, PYTH, Aptos Additionally, the…
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