Ethena increased by more than 140% in July, but to unlock an upcoming token and where the exit now threatens to reverse her profit.
Summary
- Athena increased by more than 140% in July, inspired by protocol growth, stabelcoin expansion and a major buyback declaration.
- Unlock $ 103.6 million tokens for Aug. 5 And Whale Cell-AFFS has raised confections at short-term price pressure.
- Eena is currently trading near a major support level with a recession veg pattern.
Crypto.news was trading at $ 0.61 on time for data for data from Ethena (ENA), leading 11% in the last 24 hours. The latest jump increases its 30-day Rali by about 142%. The daily trading volume has also climbed 33%, leading to the top performance of the ENA day and was ranked 41st among all the cryptocurrency by the market cappelization.
What happened to Athena’s July Rali?
Ethena’s July Rali was not the result of a single event, but rapidly decomposed the accumulation of devils in market access, protocol growth, regulatory alignment and whale activity.
Casibilism for Difilama, the TVL of the protocol has increased by 73% in just 30 days, which is increasing Ethana on the sixth and big platforms globally. It puts it behind the installation of players like AAV, Lido and Eagenlayer.
In parallel, Athena’s synthetic stabechoin, USDE has experienced a dramatic growth in support. Data suggests that the circulatory circulating of the USD supplies 75% month-forehead, which reaches $ 9.3 billion. This bounce allowed it to overtake FDUSD and BECOMB-big-big stabeins from market capitalization, leaving behind only Titu (USDT) and USD Coin (USDC).
Big holders, or whales have also played an important role in fueling Rali. As a report by crypto.news, several wallets stored significant amounts of ENA in July.
These basic things were reinforced by the leading catalysts last month. On 11 July, Ethena acquired a list on South Korea’s largest Cryptocurrency Exchange, Opported, promoting its visibility and liquidity in the Asian markets.
After less than two weeks, Stablecoinx announced a $ 360 million funding round, with $ 260 million specifically determined to buy the ENA tokens. This massive capital injection made a short -term demand that accelerates further price praise.
On the regulatory front, Ethana and Encourage Digital announced a complaint success on 24 July. The US Genius Act introduced.
Token unlock is coming
Despite the strong performance of Athana in July, the token can withstand the headwind as a large unlock approach.
According to tokenomist data, 171.88 million ENA tokens, about $ 104.56 million, are determined to unlock on August. 5. So far, only 42.3% of ENA’s 15 billion total supply is unlocked.
Token unlock is often the result of additional sewing protection, especially when market remittances are positive. Although not every unlock token is sold, increasing supply can reduce the speed, especially if traders choose to take advantage of recent benefits.
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Connecting concerns, hire on-chant data points to weaken the confection between large Herders. In the last one week, where the wallet has reduced its holding by 30%, now according to a total of 37.93 million tokens, Nansen. Similarly, the public figure wallet, often used as Sentin, has dropped its holdings to 75%, with the remaining amount dripping only 2.54 million ENA.
Even experienced businessman Arthur Hayes, who deposited the ENA in July, recently sold $ 4.62 million of tokens. He quoted girls as reasons for moving away from unstable assets such as crypto, including slowing down the data of weak American jobs and global credit development.
Such cuts may indicate that influential investors are shut down in profits before the unlock event, which is expected to conserve a short-ropped price. Low holding between whales and known public wallets often occur market pupils, when the supply of tokens increases, there are market pupils.
Price price analysis
On the day’s chart, EenaA reached its year-on-year low of $ 0.23 on 23 June.
Recently, the price has formed a wide wedge, a pattern is usually considered to be a slowdown due to its increasing valuation and lack of directional stability. This formation often occurs before a reversal, especially when it emerges after a standing Rali.
At the time of writing, ENA is trading close to the lower trendline support of the veg at approximately $ 0.52. A decisive bresning below this learning bill confirms the recession setup and triggers a broad pullback.
Momentum indicators support this weak approach. The MACD signal line (blue) has already crossed under the MACD line (orange), confirming the crossover of a recession that the signs were wandering upwards at the top. Additionally, the relative power index (RSI) has fallen to 62, still near the overbott area, but now pointing down, indicating the strength of buying cooling.
If EenaA fails to have a $ 0.47 psychological aid level, the price may be unsafe for further negative side. At this stage a bounce temporarily invalid the slowdown structure.
However, a breakdown may open the door for a dehpar improvement towards $ 0.24, leaving behind its July climb. The bottom of that couch expands the loss towards a constant coarse $ 0.07, which align with the measured target contained by the wedge pattern.
Disclosure: This article is not DOS representative investment advice. Materials and materials are painted on this page, only for education.