Ethena (ENA) is bracing for a wave of sell pressure as 266 million ENA tokens are scheduled for unlocking in two phases. The first unlock, happening today, will release 94.19 million tokens worth $33.87 million, representing 0.63% of the total supply and 1.79% of the market cap. Another significant unlock of 171.85 million tokens is set for April 5. This comes as ENA struggles at $0.35, reflecting a 17% drop over the past week, partly influenced by World Liberty Financial’s recent sale of 184,000 ENA tokens worth $69,000.

From a technical standpoint, ENA has been in a clear downtrend since the start of the year, consistently trading below the 21-day Exponential Moving Average (EMA). The token briefly attempted to break above this resistance in late March but failed to hold above it. The Relative Strength Index (RSI) sits at 44.26, signaling weak momentum, although a slight recovery attempt is visible with the RSI moving average at 46.88. The recent low of $0.342 serves as a key short-term support level.

If ENA maintains support above $0.342, analysts predict a potential recovery toward $0.3817, aligning with the 21-day EMA. Crypto analyst Ali Martinez suggests that holding this support level could see ENA climb toward $0.473. However, if the price fails to hold, it may decline further to the $0.30 – $0.32 range, a crucial level where ENA consolidated before its last major bullish breakout in October 2023. Investors are closely watching price action as the next unlock event approaches.