ENA Token Unlock: Bullish Market Holds Strong
Over 40 million ENA tokens were unlocked, defying expectations of a significant price drop. This unexpected resilience highlights strong bullish sentiment in the market.
40 Million ENA Tokens Unlocked: Market Remains Strong
According to Tokenomist, approximately 41 million ENA tokens (valued at over $12 million) were released around 7:00 a.m. UTC on Monday. Despite this substantial increase in circulating supply, ENA only experienced a minor 1% dip in the following 24 hours.
This muted reaction suggests that existing token holders absorbed the additional supply effectively. Further evidence of bullish sentiment comes from a 2% increase in ENA futures open interest, reaching $387 million. This signifies heightened trader participation and confidence in the token's future performance.
Open interest reflects the total number of unsettled derivative contracts. A rise indicates increased market interest and conviction.
Adding to the positive outlook, ENA's funding rate is positive (0.0059%), demonstrating high demand for long positions. Positive funding rates mean long position holders are paying short position holders.
ENA's Future: Support or Rally?
Currently trading at $0.30, ENA is above its support level of $0.24. Continued bullish pressure could push the price towards $0.37, and potentially even $0.41 if that resistance is broken. Conversely, a stronger selloff could see the price drop back to $0.24.
Disclaimer: This analysis is for informational purposes only and not financial advice. Conduct your own research before making investment decisions.
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