Ethena Price Breaks Through Resistance Ahead of October 5 Unlock

Ethena's price has surged to around $0.21 as the project approaches its final large investor unlock on October 5. The rally, which began in September, has broken through a long-term descending trendline and reclaimed the $0.22-$0.23 resistance region with increasing volume.

The supply data shows that investors have sent about 1.06 billion ENA to trading venues over the past year, representing around 80% of the tokens distributed to investors during that period. The top three venture investors hold approximately 560 million ENA, or around 42% of the investor allocation.

However, the recent buying activity by Ethena has reduced the amount of immediately identifiable supply pressure from those wallets. A confirmed breakout above $0.23 would open the path toward the next major supply zone at $0.30-$0.31, which previously acted as heavy overhead supply.