ENA Airdrop Draws Traders as $0.63 Triangle Formation Eyes Major Breakout

Ethena’s ENA token is trading sideways near $0.63, locked in a tight consolidation pattern that crypto traders are closely monitoring. The technical setup suggests a decisive move is imminent, with $0.68 acting as the critical resistance level and $0.60 providing support below. A convincing close above $0.68 could unleash fresh buying pressure, while failure to hold $0.60 would signal deeper weakness ahead.

What’s adding fuel to trader interest is the platform’s impressive fundamentals. Ethena generated $36 million in protocol revenue last week, demonstrating solid demand for its yield-bearing solutions. More importantly, the ongoing $136 million funding round combined with the upcoming airdrop event has created new catalysts attracting fresh participants into the ecosystem. The airdrop mechanism—which rewards users through sENA staking—continues to draw attention from the community.

Derivatives Market Shows Signs of Cautious Accumulation

The derivatives market tells an interesting story. ENA futures volume jumped 31.27% to reach $1.50 billion in recent trading, signaling elevated trader activity and renewed confidence. However, open interest actually ticked down 7.71% to $1.25 billion, indicating that traders are being selective about their leverage exposure.

This divergence is actually bullish—rising volume without excessive leverage buildup suggests healthy price discovery rather than speculative excess. The OI Weighted metric sits at just 0.0047%, revealing minimal leverage concentration relative to total open interest. This low-risk profile reduces the threat of liquidation cascades that could spark sudden volatility swings.

Price Action Locked in Triangle Pattern

Currently, ENA trades at $0.63113 with a 24-hour trading volume of $874.51 million and a market cap of $4.18 billion (0.11% market dominance). The token has retreated 6.33% over the past day, reflecting some profit-taking after recent moves.

The triangle consolidation pattern remains the key technical setup. Traders are split between two scenarios: a breakout above $0.68 that could trigger momentum buying, or a breakdown below $0.60 that would test deeper support levels. The formation suggests the market is undecided, with neither bulls nor bears currently in full control.

The combination of fundamental strength—driven by the airdrop campaign and funding momentum—alongside healthy derivatives activity suggests the bias may tilt toward upside resolution. However, price action near these key technical levels will ultimately determine whether ENA explodes higher or consolidates further before the next significant move.