Whales Buy ENA Tokens Ahead of Large Unlock, Price Still Shows Bearish Signals Around $0.09
Despite Ethena's growing role in the stablecoin ecosystem, ENA's market capitalization remains below $1 billion with daily trading volume around $1 50 million. Recently, whales including Arthur Hayes purchased over 7 million ENA worth more than $1 .2 million ahead of a large unlock of 171.88 million ENA on August 5. This unlock adds to existing selling pressure, keeping the price consolidating around $0.09 with bearish technical signals and declining trading activity. If buying pressure holds above $0.0875, ENA could rise; otherwise, it could drop to the support level of $0.0789. #ENA
Despite Ethena's growing role in the stablecoin ecosystem, ENA's market capitalization remains below $1 billion with daily trading volume around $1 50 million. Recently, whales including Arthur Hayes purchased over 7 million ENA worth more than $1 .2 million ahead of a large unlock of 171.88 million ENA on August 5. This unlock adds to existing selling pressure, keeping the price consolidating around $0.09 with bearish technical signals and declining trading activity. If buying pressure holds above $0.0875, ENA could rise; otherwise, it could drop to the support level of $0.0789. #ENA