Ethena’s ENA price is now at a pivotal point in time. There have been major moves of tokens onto exchanges, causing negative sentiment in the market, while on-chain volume is higher than it has been in months. Increased user engagement is occurring, yet selling pressure continues.
The statistics by analyst Ali indicate that more than 300 million ENA tokens have been uploaded to trading exchanges in the past month.
Source: X
The significant inflow to the exchanges will be closely monitored since it could mean that there is an intention among holders to sell off their tokens. It should be noted that the ENA price is below its previous peak level.
Further pressure mounted as well when the on-chain tracker Nazoku stated that whale address 0x230 moved 2.35 million ENA, which was estimated at $2.315 million, to the Binance exchange.
Source: X
This whale wallet is estimated to have sold 64 million ENA within the last week. This could definitely influence market sentiment.
Whale Selling Adds Pressure on ENA Market
The latest whale transactions are causing concerns due to their occurrence after several weeks of consistent flows of the cryptocurrency into the Ethena environment.
The coin is being exchanged for roughly $0.08-$0.09 after having seen a considerable decline from its record levels, and further deposits in exchanges indicate that many holders are not yet ready to get confident.
Ethena Network Growth Reaches Highest Level Since November
Despite the reduction in the ENA price, the utilization of the blockchain increased. According to Ali, there was an increase in the number of daily active addresses, which reached 5,057 addresses.
Source: X
This means that more people are participating in the Ethena ecosystem. Increased participation means that more individuals are actively engaging in the blockchain, and this is generally seen as an indication of increased interest.
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Technical Chart Keeps Bears in Control
The analysis by TradingView reveals that the ENA price is trading below all Ichimoku lines. The coin is below the Tenkan-sen at approximately $0.0889 and the Kijun-sen at approximately $0.0941.
These reveal weak momentum both in the short and medium terms. There is a stronger resistance region ranging from $0.0915 to $0.105.
Source: Tradingview
The bulls will first have to retrace to the $0.089-$0.094 region before attempting a push towards the resistance of the cloud formation.
A break above the $0.105 level would give out the most powerful signal in favor of bulls in several months. The support level on the lower side continues to stay at $0.08.
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