Ethena News: 40M Token Unlock No Match for Coinbase Buzz– ENA Up 8.6%, Volume Nears 92% Rise
Regardless of a $12 million token unlock that could have activated a sell-off, Ethena’s ENA token surged 8.6% thanks to Coinbase adding it to its listing roadmap. Soaring trading volume and rising open interest suggest traders are betting huge on ENA’s next relocation, eyeing a prospective rally towards $0.41. Ethena’s native token has actually defied bearish expectations despite hurdles that consisted of a significant token unlock. Rather ENA, rode a bullish momentum after Coinbase announced its inclusion in its listing roadmap.
As of the time of press, ENA has shown excellent resilience as the asset is trading at $0.3356 after the token rose by 8.63% in the past 24 hours. Particularly, its trading volume has surged by 104.41% reaching $241.41 million.
ENA Rises on News of Potential Coinbase Listing
Coinbase, one of the leading crypto exchanges, announced via the x platform that ENA would be included in its potential listing roadmap. The positive news, which confirmed ENA’s ERC-20 contract address; ‘0x57e114B691Db790C35207b2e685D4A43181e6061,’ ignited strong market interest evident by the surge in the token’s trading volume.
ENA’s gains remain modest compared to previous roadmap tokens like TokenBot (CLANKER) or Freysa AI (FAI), which saw more dramatic spikes.
Market dynamics further support the bullish story. Futures open interest for ENA increased 2% to $387 million, indicating growing trader involvement and anticipation of further upside. ENA’s funding rate stood at a positive 0.0059%, indicating a higher demand for long positions in the ongoing futures market.
Technical Analysis and Price Predictions
From a technical perspective, ENA is trading above a support zone at $0.24. A move to the $0.37 resistance level is possible if momentum holds. A break beyond that might push ENA towards $0.41. Conversely, should bearish forces emerge, the $0.24 support will be crucial to watch.
The post Ethena News: 40M Token Unlock No Match for Coinbase Buzz– ENA Up 8.6%, Volume Nears 92% Surge appeared first on ETHNews.
