ENA Price Prediction May 2: $30M Token Unlock Could Drive Short-Term Dip

• Ethena will unlock 94.19M ENA tokens on May 2, worth $30.3M or 1.7% of its market cap
• RSI and MACD hint at short-term optimism, but support near $0.3193 is now under pressure
• A second unlock on May 5 will release 171.85M ENA, raising fears of cascading sell pressure

Ethena’s native token, ENA, is facing significant bearish pressure shaping its price prediction heading into a large token unlock planned for May 2, 2025. The release of 94.19 million tokens (0.63% of total supply) is a key factor influencing ENA’s near-term market outlook.

The estimated value of the unlocking is $30.3 million, amounting to 1.7% of ENA’s market cap. Token unlocks often introduce new supply into circulation, which can depress prices if demand doesn’t keep pace.

The May 2 unlock will be followed by an even larger unlock on May 5, releasing 171.85 million ENA (1.15% of total supply), valued at $55.28 million or 3.09% of the market cap. These back-to-back releases raise serious concerns about near-term selling pressure.

Technical Analysis: Mixed Signals Cloud ENA’s May 2 Price Outlook

From the recent low at $0.3018 to the local high at $0.3253, ENA has retraced and bounced …

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