Following a sharp decline that saw it lose the critical support level of $0.86, ENA is currently trading at $0.81.
Ethena token ENA $0.78 24h volatility: 6.7% Market cap: $2.38 B Vol. 24h: $416.46 M , a cryptocurrency that once saw explosive growth in late-2024, is now facing a major downtrend. Following a sharp decline that saw it lose the critical support level of $0.86, the token is currently trading at $0.81, showing no gains or losses in the past 24 hours.
The token briefly recovered to $0.83 on January 14, rebounding from a low of $0.7255 earlier in the week. However, over the last seven days, ENA has shed 17% of its value.
In the monthly chart, ENA remains down by 35%. Analysts attribute this slump to a broader market downturn and significant whale sell-offs. Notably, on December 26, 2024, whale traders liquidated 3.36 million ENA tokens valued at $3.17 million on Binance. This sell-off led to a 10% drop in ENA’s price, dragging it to $0.92.
The start of 2025 brought some optimism as ENA climbed to $1.27, but the rally was short-lived. The token has since retraced to its current level, sparking concerns among investors.
Popular crypto analyst Ali Martinez weighed in on ENA’s price action, noting that the token has broken out of a parallel price range channel of $0.85 and $1.3. Notably, ENA has been trading under this zone since early December till January 13. Martinez cautioned that if ENA fails to reclaim $0.86 as support, it could face a price correction toward $0.69 or $0.57.
Meanwhile, Bollinger Bands analysis shows wide gaps between the upper and lower bands, signaling heightened volatility. The token’s price has fallen below the 20-day simple moving average (SMA), edging closer to the lower band. Analysts suggest that if ENA can hold this level, a potential upward trend could emerge in the coming days.
Adding to the intrigue, a whale withdrew 1.96 million ENA tokens valued at $1.63 million from Binance on January 15. This move indicates a possible long-term strategy, with the investor opting for self-custody. Such actions often signal confidence in the asset’s future prospects, even amid short-term volatility.
Since its launch in April 2024, ENA has experienced impressive growth, reaching a market cap of $3.8 billion by January 4. However, the token’s market cap has since dropped to $2.47 billion, placing it 47th among the largest cryptocurrencies by market capitalization.
In addition, ENA’s 24-hour trading volume has declined by 27%, now standing at $440 million. While the short-term outlook remains uncertain, the whale activity and potential price stabilization provide a glimmer of hope for the token’s recovery.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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With a background in finance and a passion for innovation, Anisha has been covering the ever-evolving world of crypto for over four years. Her deep understanding of the crypto market have made her a trusted source for analysis and news. Whether it's dissecting the latest trends or decoding whitepapers, Anisha is dedicated to bringing clarity to the world of digital assets.
