Ethena (ENA) experienced a 17% increase following a challenging start to the year. Despite this rise, a massive token unlock led to increased selling pressure, complicating the market situation.

In the 24 hours prior to the unlock, approximately 149 million ENA tokens valued at around 60 million USD were sold. The market sentiment has turned bearish as long-term holders liquidate, raising concerns.

For Ethena to stabilize, it must breach the critical resistance at 0.434 USD. Failure to do so could see prices decline to levels around 0.326 USD or even 0.259 USD.