Ethena's native token, ENA, shows signs of a potential bullish reversal despite a recent 40 million token unlock. Trading at around $0.34 with a market cap near $2 billion and daily volume of $273 million, ENA has gained over 36% from its year-to-date low. Key drivers include an anticipated listing on Coinbase, which is believed to enhance ENA's visibility, liquidity, and investor access. Following the announcement of Coinbase’s roadmap inclusion, ENA’s price rallied over 10% initially.
Further supporting positive sentiment is Ethena Labs' partnership with RWA infrastructure provider Securitize to develop the Converge blockchain, aimed at real-world asset tokenization, expected by the end of the quarter. Also notable is the resilience of the market to the recent unlocking of 41 million tokens worth $12 million, with minimal price impact suggesting strong bullish sentiment absorbing additional supply.
Ethena’s ecosystem continues to grow, with its yield-bearing stablecoin USDe's total value locked nearing $5.8 billion, ranking it the fourth largest stablecoin. The stablecoin is now accessible to over 900 million users via the TON blockchain, while EtherealDEX, a related decentralized exchange, is progressing toward full launch.
Technical analysis reveals ENA has broken above a long-term descending trendline, forming a supportive base, and is poised to breakout of a descending triangle pattern. This technical setup aligns with a double bottom reversal pattern, with possible targets at $0.51 and ultimately $1 if resistance levels with strong volume are surpassed. Conversely, a slip below $0.25 could lead to profit-taking and a drop toward $0.20.
Complementing price technicals, a whale wallet has accumulated $4.41 million worth of ENA tokens, indicating institutional interest and long-term custody intentions. Despite 93.88% of token holders being underwater, increased derivatives trading volume and open interest suggest growing trader engagement. However, selling pressure exists at resistance zones where many holders are at breakeven or losses.
Overall, the combination of Coinbase listing potential, institutional accumulation, solid ecosystem growth, and favorable technical patterns contributes to a cautiously optimistic outlook for ENA’s price recovery.