Can treasury token sale waiver agreement approval fuel Ethena?

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Ethena rises 6.34% to $0.1784 today

Highlights

From October 5, 2026, treasury sales of ENA tokens will require prior written approval from the Ethena Foundation.
This limits potential large-scale ENA token releases from treasury, improving clarity and stability for future supply management.
ENA trades within a $0.1702 to $0.1866 range, supported by strong upward momentum and bullish indicator signals across timeframes.

Supply constraints raised as new treasury sale rule tightens outlook

A recent waiver agreement, as reported by Chaincatcher, stipulates that from October 5, 2026, any sale of ENA tokens held as treasury assets will require prior written consent from the Ethena Foundation. This governance change directly impacts the asset’s supply dynamics by limiting the possibility of large-scale token releases from treasury holdings, which can be a key concern for market participants. By curbing immediate sell pressure and clarifying future token management, the announcement improves the outlook for supply stability and provides a constructive backdrop for price action.

Mixed momentum signals emerge as ENA stays above support levels

On the hourly chart, ENA is trading above the MA-20 at $0.1695 and MA-50 at $0.1621 levels, as well as above the long-term MA-200 at $0.1033. The Ichimoku Kijun line at $0.173 acts as the nearest support. MACD and ADX both indicate continued upward momentum, while RSI at 59.07 and CCI signal further buying potential without crossing into overbought territory. Stochastic RSI is presently oversold, suggesting scope for a short-term rebound, and Bull/Bear Power highlights ongoing intraday buyer control. The Awesome Oscillator remains neutral, not providing a directional bias. Notably, there is divergence among selected oscillators, with some pointing higher and others highlighting oversold conditions, reflecting mixed short-term technical dynamics.

Breakout potential rises as consolidation persists within volatility band

For the next 2 to 3 trading days, ENA/USD is expected to fluctuate within a volatility band between $0.1702 and $0.1866. The probability of an upward breakout is currently very high, while the chance of a sustained downside move is deemed very low over this horizon. The baseline scenario calls for consolidation within this range; a decisive move above the upper resistance may shift momentum further upward. Conversely, a reversal would likely require a breakdown below the $0.173 immediate support defined by the Ichimoku Kijun.

Anton Kharitonov, expert at Traders Union, notes that ENA shows active upside momentum, trading above key moving averages and with buyers in control on most technical indicators. He sees the new waiver agreement on treasury ENA sales as a constructive move for the token, as it reduces concerns about sudden supply increases and supports price stability. While momentum favors consolidation or an upside move, he remains cautious in the near term, watching for any breakdown below immediate support at $0.173. "Base case is consolidation within the $0.1702–$0.1866 band — I stay defensive until we see a clear breakout above resistance or a failure of support."

Earlier, analysts noted that Ethena’s bullish momentum was supported by ecosystem initiatives and favorable technical signals. The latest governance development restricting treasury token sales further enhances supply stability and, together with persistent technical strength, raises the probability of an upward breakout should ENA sustain above the $0.1866 resistance in the coming days.

Source of Data: ENA Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

The information is based on forecasts and does not constitute investment advice or a guarantee of future results. Market conditions may change. See our Disclaimer and Editorial Integrity for details.