- Despite a $12 million token unlock that could have triggered 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 big on ENA’s next move, eyeing a potential rally toward $0.41.
Ethena’s native token has defied bearish expectations despite hurdles that included a major token unlock. Instead ENA, rode a bullish momentum after Coinbase announced its inclusion in its listing roadmap.
As of the time of press, ENA has showed great resilience as the asset is swapping hands with $0.3356 after the token exploded by 8.63% in the past 24 hours. Notably, its trading volume has soared by a 104.41% taking the number up to $241.41M.
ENA Surges on News of Potential Coinbase Listing
Coinbase, one of the leading crypto exchanges announced via the x platform that ENA would be included to its potential listing roadmap. The glad tidings which saw the confirmation of ENA’s ERC-20 contract address; “0x57e114B691Db790C35207b2e685D4A43181e6061.” ignited strong market interest evident by its surge in the token’s trading volume.
Coinbase emphasized that ENA trading will only commence once certain criteria are met, including increased market-making support and adequate technical infrastructure.
Additionally, the exchange took the stage warning users that;
Transfers and trading are not supported for these or any other assets until a listing is officially announced. Depositing these assets into your Coinbase account before an official announcement may lead to permanent loss of funds,
the exchange stated.
ENA Defies Sell-Off Fears Post-Unlock
The timing of the Coinbase announcement couldn’t have come at a better time. Just hours before, specifically at around around 7:00 a.m. UTC Monday, approximately 41 million ENA tokens, worth over $12 million, were unlocked.
It goes without saying that this move is typically associate with selling pressure, hence leading to a drop in the token’s decline in market price.
Many feared this could trigger a major sell-off. However, the token’s price only dipped 1% post-unlock, indicating strong buy-side interest and bullish sentiment among holders.
The token’s price movement in financial markets leave alone crypto markets often moves in tandem with investor interest. Similarly to the price surge, the token’s 24-hour trading volume has skyrocketed to $241.74M, more than a 100% shoot.
This surge highlights heightened investor engagement, a pattern commonly observed following Coinbase roadmap additions. Yet, ENA’s gains remain modest when compared to previous roadmap tokens like TokenBot (CLANKER) or Freysa AI (FAI), which saw more dramatic spikes.
Market dynamics further support the bullish narrative. Futures open interest for ENA rose 2% to $387 million, signaling growing trader participation and anticipation of further upside.
In addition, ENA’s funding rate stood at a positive 0.0059%, indicating a greater demand for long positions in the perpetual futures market.
From a technical perspective, ENA is trading above a support zone at $0.24. If momentum holds, a move to the $0.37 resistance level is plausible. A break beyond that could push ENA toward $0.41. Conversely, should bearish forces emerge, the $0.24 support will be critical to watch.