SUI News Today: ENA Whales Acquire $46M While Price Drops: Downward Channel Remains Dominant
- Ethena (ENA) faces bearish pressure as sellers dominate amid crypto market slump, with price trapped in a descending channel. - Whale accumulation of $46.2M in ENA tokens failed to trigger a rebound, while SUI and WTI crude also show downward trends. - Analysts warn a breakdown below $0.41 support could trigger a 21% drop, aligning with broader market weakness and token unlock risks.
ENA Price Struggles Within Bearish Channel as Sellers Dominate the Market
Ethena (ENA) is currently experiencing a significant bearish trend, with sellers firmly in control as the overall crypto market faces a downturn. Recent findings indicate that major crypto holders—often referred to as whales—are discreetly increasing their ENA holdings
Wider market forces are intensifying the bearish sentiment.
Experts caution that ENA’s technical prospects depend heavily on the strength of its $0.41 support. Should this level fail, the recent optimism from whale accumulation could be erased, aligning ENA with the prevailing bearish direction seen in SUI and other digital assets. Although there has been a slight improvement in both the RSI and price, persistent weakness below $0.45 could trigger renewed selling. With both macroeconomic pressures and token-specific risks at play, ENA remains at risk of further losses unless buyers step up to protect key support levels.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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