- Large holders, commonly referred to as whales, have begun offloading ENA tokens amid waning confidence in the asset.
- There has been a significant surge in active addresses over the past 24 hours, suggesting increased selling activity from traders.
Athena (ENA) Due to the prevailing bearish sentiment, it has suffered a 22.58% decline in its value over the past month.
Despite these difficulties, the token has enjoyed a brief resurgence in the past 24 hours. The price rose 10.66%, and trading volume surged 53.77%, indicating a change in sentiment.
However, continued selling pressure from investors has limited ENA’s potential rally, leaving the asset vulnerable to further declines.
Whales continue to apply pressure by selling ENA.
AMBCrypto reported that a major investor holding between 0.1% and 1% of ENA’s total supply recently sold $6.46 million worth of tokens. The sale brought the price down 9.84%.
This trend has continued over the past 24 hours, with a large group of investors offloading more than 50 million ENA tokens, according to data from Santiment.
Santiment identified these large investors as addresses holding between 10 and 100 million ENA.
Source: Santiment
Significant selling by such groups often results in further price declines, suppressing the asset’s upward momentum.
AMBCrypto looked into additional data to gain deeper insight into the situation.
Whales drive ENA sell-off as new entrants exit.
The whale-driven sell-off intensified, with 224 transactions recorded, according to IntoTheBlock data. This is the highest figure in the past week.
A total of 50.64 million ENA (equivalent to $47.9 million) was offloaded during this downturn involving large investors and market participants.
Source: IntoTheBlock
Notably, the number of active addresses has surged over the last 24 hours, but remains 19.27% lower than last week.
This suggests that a new group of large investors could be driving the selling and could contribute significantly to the total of 1,500 active addresses as retail participants increasingly join the trend.
Source: IntoTheBlock
Market sentiment also appears to be clearly biased towards the bearish, with active addresses down and new addresses down 11.81% last week.
There is a possibility of further decline
ENA is in a precarious position on the charts. The previous day’s rally stalled when it reached $0.9742, a resistance line identified as a Fibonacci retracement.
ENA’s trajectory from this point will depend on its reaction at the $0.8784 support level, which it is currently approaching.
Source: TradingView
Failure to hold this level or rebound from this level could result in a significant loss of trader confidence, potentially causing the price to fall to the lower support levels of $0.7771 or even $0.7234, resulting in further losses for investors.
Read Ethena (ENA) Price Forecast for 2025-26
If the whale sell-off continues, along with continued declines in retail sales and new address adoptions, ENA could face additional downward pressure, putting it at risk of deeper price declines.