The cryptocurrency market never ceases to surprise, and this time, Ethena (ENA) is at the center of attention. The token has been making gains, but looming selloffs and impending token unlocks have introduced fresh volatility. With bullish and bearish signals in play, investors are questioning whether ENA can sustain its upward momentum or if further turbulence lies ahead.
WLFI Selloff Sparks Concerns
Donald Trump’s World Liberty Financial (WLFI) recently sold 184,000 ENA tokens, valued at approximately $69,000. Large selloffs like this often trigger bearish sentiment, as they can indicate a lack of confidence in the asset. On-chain data from Arkham Intelligence reveals that these tokens moved through multiple wallets before being converted into Wrapped Bitcoin (WBTC). Such activity suggests that further selling could follow, making traders increasingly cautious.
Growing Selling Pressure
The WLFI selloff isn’t the only factor weighing on ENA. Market maker Amber Group recently sold $10 million worth of ENA on Binance, adding to the downward pressure. Meanwhile, a massive influx of new tokens is on the horizon—over 2 billion ENA were unlocked in March, and another 200 million are scheduled for release on April 2 and April 5. The looming token unlocks could lead to additional selling, keeping investors on edge.
Despite these pressures, ENA has shown resilience, recording a 1% intraday gain and trading at $0.3989. While the token has posted weekly gains, it remains down 10% for the month. Market analysts are divided—Byzantine General sees a cooling funding rate as a potential bullish signal, whereas others warn of continued price swings.
This is actually one of those cases where it's bullish that funding finally isn't negative anymore.
— Byzantine General (@ByzGeneral) March 24, 2025
This got hedge shorted like crazy because of unlocks, but those seem to be mostly out of the way now.
Looks decent.$ENA pic.twitter.com/pQXDXwvpfY
ENA Price Outlook
Crypto analyst ChartCryptic noted that ENA has climbed 7.75% and remains stable around $0.39 after testing lower levels. He suggests that a breakout past the critical $1 resistance could propel the token toward $1.30. Moving averages currently indicate short-term stability, but traders should monitor key price levels closely.
#Ethena $ENA showing a solid move upward with a 7.75% increase. Holding steady at $0.39 after testing lower levels earlier. Watch for potential resistance at $1. If we break that, next target could be $1.30. MA levels suggest some stability in the short term. 🚀📊#ENA #Crypto pic.twitter.com/nSRLGAQt5E
— ChartCryptic 📊 (@CryptoShaibiX) March 24, 2025
As the market grapples with selloffs and upcoming token unlocks, Ethena remains a token to watch. The coming weeks could define its near-term trajectory amid broader crypto market fluctuations.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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