The Ethena token will unlock $728 million worth of tokens on March 5, introducing 2.07 billion ENA into circulation. This represents 66.19% of its total supply. Meanwhile, Ethena USDe experienced a significant single-day redemption on March 1, with 268 million USDe withdrawn, resulting in a 4.7% reduction in total supply. As a result, the ENA token has dropped by 18%. Technical analysis shows that ENA is currently on a downtrend, with strong selling pressure indicated by increased trading volume and red candles. The token's latest decline was intensified by failed breakout attempts, and while the relative strength index suggests it may be nearing oversold territory, there are no clear signs of a reversal yet. If ENA falls below $0.3476, it may experience further decline, while resistance lies at $0.4028. Despite the current bearish trend, a bullish move targeting $0.4836 could occur. Ethena is working on an Ethereum-based synthetic dollar system called USDe, which has become the fourth largest stablecoin with a value of $5.4 billion. Ethena plans to launch its blockchain and introduce a TradFi-compatible token, with a focus on institutional investors in Q1 2025.



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