ENA Token Rallies 10% as Ethena Foundation Tackles Selling Pressure

ENA, the native token of the Ethena ecosystem, has rallied by 10% in the last 24 hours to trade at $0.16 per coin.

The surge comes after the Ethena Foundation introduced several measures designed to address concerns surrounding the ecosystem's economic value distribution and selling pressure from early investors.

These changes include repurchasing locked tokens from some seed investors, accelerating the remaining investor unlock schedule, and proposing a revenue-funded ENA buyback program.

The technical indicators suggest that ENA has entered the overbought territory, but it could extend its rally or undergo a correction in the near term.