Ethena Price Soars Towards $0.23 as Final Investor Unlock Looms

Ethena's price has surged towards $0.23 as supply unlocks near its final stage, but can it reach $0.30? The cryptocurrency broke through a long-term descending trendline and reclaimed the $0.22-$0.23 resistance region with increased volume.

The project's sharp September rally is now facing a major test: roughly 1.33 billion ENA remains tied to investor wallets and distribution contracts ahead of the October 5 release. This supply has been steadily decreasing, with investors sending about 1.06 billion ENA to trading venues over the past year, representing around 80% of the tokens distributed during that period.

The top three venture investors hold approximately 560 million ENA, or around 42% of the investor allocation. Their historical selling activity has remained limited, reducing the amount of immediately identifiable supply pressure from those wallets. Ethena also bought locked ENA from certain early investors who had already sold tokens, while future monthly investor unlocks were discontinued.

The team's allocations remain locked under their existing schedules. 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 and represents the next major hurdle for the recovery.