Ethena is poised for a significant challenge as 266 million ENA tokens are scheduled for release in two stages, with the first phase unlocking tokens worth $34 million today.

Data from CryptoRank.io reveals that today’s unlocking will involve 94.19 million ENA tokens, amounting to approximately $33.87 million—representing 0.63% of the total supply and 1.79% of the market capitalization. A subsequent unlock of 171.85 million tokens is planned for April 5.

At present, ENA is trading at $0.35, reflecting a 17% decline over the past week, following a sell-off by World Liberty Financial, which occurred on March 25, involving 184,000 ENA tokens valued at $69,000. Earlier, on March 5, Ethena executed a substantial unlock of 2.07 billion ENA tokens, equivalent to $728 million, which constituted 13.9% of the total supply.

Examining the recent price movements, ENA has experienced a downward trend since the beginning of the year, consistently trading beneath the 21-day Exponential Moving Average. There was a brief attempt to break above this average in late March, but the price did not maintain that level.

The Relative Strength Index (RSI) currently sits at 44.26, below the neutral threshold of 50. However, the RSI moving average is at 46.88, indicating a faint effort for recovery, albeit still weakened.

The recent price lows near $0.342 serve as immediate support. Should the price manage to stay above this level, there may be potential for a move towards the 21-EMA at $0.3817. Technical analyst Ali Martinez noted that maintaining this support could lead ENA toward $0.473.

Conversely, if this support does not hold, the price could retreat to the $0.30 – $0.32 range, which previously saw consolidation last October before a significant bullish surge.