Ethena’s native token has remained unfazed by its recent 40 million token unlock, with bullish technicals now pointing to a potential rally toward $1 in the coming months.
According to data from crypto.news, Ethena (ENA) was trading at $0.34 on Wednesday, June 4, afternoon Asian time, holding on to gains of over 36% from its year-to-date low. Its market cap was seated at nearly $2 billion with a daily trading volume of $273 million as of press time.
While the token still trades about 77% below its all-time high, several upcoming developments suggest Ethena could be poised for a strong bullish reversal.
One of the most promising catalysts is an upcoming listing on Coinbase, now that the largest crypto exchange in the U.S. has officially added ENA to its listing roadmap.
Listings on tier-1 exchanges like Coinbase typically boost visibility, liquidity, and investor access. ENA rallied over 10% following the announcement but had shed some of those gains at press time.
Another major tailwind is Ethena Labs’ partnership with RWA infrastructure provider Securitize. Together, they’re working on launching a dedicated RWA-focused blockchain called Converge, with the mainnet expected to go live by the end of this quarter.
Additionally, despite nearly 41 million ENA tokens, worth over $12 million at current prices, being unlocked on June 1, the market barely flinched, dropping just 1% over the day. The mild reaction suggests that bullish sentiment is still strong enough to absorb the extra supply without causing a major sell-off.
Meanwhile, Ethena’s core offering continues to gain traction in the DeFi space. The total value locked in the ecosystem, mainly through its yield-bearing stablecoin, USDe, has surged to nearly $5.8 billion, just below its all-time high of $6.2 billion.
USDe has now climbed the ranks to become the fourth-largest stablecoin in the industry, behind only Tether (USDT), USD Coin (USDC), and USDS. Currently, more than 709,000 wallets hold USDe, with users earning an 8% annual yield from arbitrage opportunities within the network.
Meanwhile, thanks to its recent rollout on the TON blockchain, over 900 million users can now access Ethena’s USDe across decentralized finance applications.
At the same time, EtherealDEX, a decentralized exchange powered by sUSDe, has also made notable progress through its testnet phase, with a full launch expected later this year.
These developments could serve as key drivers pushing ENA higher in the coming weeks.
ENA price analysis
On the 1-day ENA/USDT chart, ENA has broken above a multi-month descending trendline that had previously been capping its price with lower highs and lower lows. That trendline has now flipped into support, triggering a buy signal for bulls.
ENA also looks ready to break out of the upper boundary of a descending triangle pattern that’s been forming since early 2025 (shown in blue on the chart). If it clears this level with strong volume, it could confirm a bullish breakout.
Zooming out the chart, ENA appears to be shaping up a massive double bottom pattern, which is typically seen as a strong reversal signal. Its recent price movement also seems to mirror a cyclical trend observed (shown in pink boxes) right before the token’s big rally in November last year, where ENA shot up nearly 250%.
Technically, ENA is also approaching a move above its 20-day exponential moving average. A close above this line would add to the bullish case and suggest growing short-term momentum.
If the current setup holds, the next likely target is around $0.51, which aligns with the 23.6% Fibonacci retracement level. Breaking above that could open the doors to $1, a key psychological resistance level that also happens to line up with the 61.8% Fibonacci retracement, right where the double bottom pattern is to play out.
On the flip side, if ENA slips below the local support at $0.25, it could trigger some profit-taking or panic selling. In that case, the token might fall back toward the $0.20 range, which marks the lower end of the double bottom formation and a strong historical support zone.
