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NEAR Protocol
Key Insights:
- Ethena price jumped over 10% as 250 million ENA tokens hit exchanges ahead of a $101.87 unlock.
- USDe surged 75% in July, reaching $9.3B and surpassing FDUSD in stablecoin rankings.
- ENA formed a large double bottom pattern that targets $1.32 if $0.70 resistance breaks.
Ethena price jumped over 10% in the past 24 hours despite major bearish signals on-chain. 250 million ENA tokens were sent to exchanges ahead of a scheduled token unlock valued at $101.87 million.
This unlock remains the largest for the week, yet ENA price climbed above $0.61 again. Meanwhile, Ethena’s ecosystem growth has continued, with USDe now being the third-largest stablecoin by market cap.
Ethena Price Faces Test Amid Unlocks
Ethena price faces a critical test as exchange supply data revealed a clear accumulation trend. According to analyst Ali, 250 million ENA tokens were moved to centralized exchanges between July 17 and August 2.
This followed a steep spike in both inflow volume and supply on exchanges, from approximately 1.03 billion to 1.26 billion ENA.
The unlock on August 5 will release 171.85 million tokens, adding $101.87 million in value to the market. Based on CryptoRank data, this represented 2.7% of the circulating supply. Historically, unlocks of this scale tend to produce increased volatility or temporary downside, especially when preceded by inflows.
However, Ethena price held firm at key support levels near $0.59 and reversed higher. Investor Arthur Hayes sold 7.76 million tokens last week, worth $4.62 million. Nevertheless, short-term sentiment is more bullish.
USDe Demand Fuels Ecosystem Confidence
Interestingly, Ethena price recovery is largely driven by the explosive growth of its native stablecoin USDe. DeFiLlama showed that the USDe supply increased by 75% in July alone, reaching a current supply of $9.3 billion. This figure ranked USDe third after USDT and USDC in market cap, surpassing FDUSD.
Ethena has also become the sixth-largest DeFi protocol by total value locked. Its TVL now exceeds $9.47 billion. Such an increase has been catalyzed by the capital inflows of risk-on yield seekers and institutional DeFi players.
The ENA daily trading volume has surpassed $1.13 billion, demonstrating a 24% increase. Market cap now stands at $3.85 billion. The liquidity was also enhanced as there was more than 61 million in the exchanges. All of these metrics suggest that while short-term supply pressure exists, long-term demand for ENA and USDe is increasing.
The technical structure on the daily chart showed strength above $0.60. The $0.70 zone is now the most important resistance. The bullish case toward this level remains intact if the unlock is absorbed without panic selling.
Double Bottom Pattern Supports Bullish ENA Price Outlook
In the meantime, Crypto Seth analysis revealed that ENA price was forming a massive double bottom. This formation took nearly ten months and consisted of two lows and a neckline of 0.70. The 100-day and 200-day moving averages have just been surpassed by the price, which further supports the bullish bias.
ENA price pattern showed an upside target close to the resistance area of $1.32, which is the neckline high. This region was a powerful resistance in late 2024 and early 2025. The price is in consolidation just below the neckline at approximately $0.62, and the bias is bullish.
Technical indicators continued to favor bullish trend with Ethena price retesting important EMAs, and volume is high. Should bulls clear their way above the $0.70 mark, the subsequent resistance bands are between the $0.95 and $1.10 levels.
