Crypto & Forex October 8, 2025 0 Comments

Ethena’s $101M Unlock Sparks 10% Plunge—Is $0.45 the Line Between Survival and Collapse?

Ethena [ENA] recently took a sharp 10% nosedive, leaving many traders scratching their heads — is this just a temporary chill or the opening act of a much darker drama? The story here isn’t just about numbers dropping; it’s a complex dance of fading volume, a drying liquidity pool, and the heavy weight of recent token unlocks flooding the market. It’s like watching a high-stakes poker game where the chips just keep stacking against you. Yet, amid the sell pressure and bearish futures bets, there’s a stubborn wedge support level that’s holding on — a potential lifeline for those waiting on a short-term bounce before the next big unlock hits in November. So, the real question becomes: can ENA stabilize and rally, or is it on the brink of a further fall? Let’s dive deeper into the on-chain signals, trading dynamics, and tokenomics shaping this pivotal moment for Ethena. LEARN MORE

Key Takeaways

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.

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.

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.

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.

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.