Ethena (ENA) Price Plunges Below $0.32 Amidst Token Unlocks and Technical Challenges

Ethena’s (ENA) price has experienced a significant drop, falling below $0.32, due to the recent release of substantial amounts of tokens. This selling pressure is further compounded by bearish technical signals. A key unlock event on June 2nd saw approximately 40.63 million ENA tokens unlocked, worth around $12.73 million, and another significant unlock on June 5th added an additional 171.88 million tokens valued at over $52 million to the market. These unlocks have raised concerns among investors about increased supply and profit-taking following a recent price surge.