ENA rebounded 8.8% despite Arthur Hayes selling 14 million tokens. Strong support around $0.19-$0.20 remains critical for bulls. A $57 million token unlock could increase short-term volatilit
Ethena's ENA faced a major test during the past week. Many traders expected heavy selling after Arthur Hayes sold 14 million ENA tokens. Instead, the market responded with surprising resilience. ENA rebounded nearly 9% after the transaction, showing that buyers remain active despite increased uncertainty. With a large token unlock approaching and several network developments underway, investors are now watching whether ENA can maintain support and continue recovering.
https://twitter.com/MartiniGuyYT/status/2113955218878828668ENA currently trades near $0.20 after recent volatility. Price action shows consolidation following a strong September rally and an October correction. Buyers continue defending an important support area between $0.19 and $0.20. That zone has attracted demand several times this month. A rising trendline from August also intersects with this range.
As long as support remains intact, the broader recovery structure stays alive. Technical indicators offer a mixed picture. The daily RSI sits around 49.5, signaling neutral momentum. Meanwhile, MACD remains slightly below zero. However, bearish momentum has weakened noticeably. For bulls, the next challenge rests between $0.22 and $0.23.
A break above those levels could open the path toward $0.25. Failure to hold support could push the price of ENA toward $0.17 or even $0.15. Arthur Hayes' sale added pressure, yet ENA avoided a deeper decline. That reaction suggests some traders continue accumulating near current levels.
Beyond price action, Ethena continues expanding access to USDe. Recent integration with OKX's X Layer and OKX Wallet gives users another route to access synthetic dollar products. USDe and sUSDe are already available on TRON. The protocol has also broadened assets supporting the delta-neutral strategy. New additions include tokenized equities and equity perpetuals. Another positive development came from Standard Chartered.
The bank recently initiated coverage of ENA and outlined long-term upside projections. Those forecasts depend heavily on future USDe growth. Attention now shifts to the upcoming token unlock. Roughly 275 million ENA will enter circulation on Nov. 1. At current prices, that supply carries a value near $57 million. Such events often increase short-term uncertainty. More available tokens can create additional selling pressure.
That concern explains why traders remain cautious despite recent strength. Ethena has proposed a future buyback program funded by protocol revenue. Under that framework, ENA purchases would begin once USDe supply reaches $7.5 billion. Current supply remains below that threshold, meaning buyback support has not started yet. Even so, network fundamentals remain solid. The protocol holds roughly $5 billion in total value locked and generated about $21 million in fees during the past month.
