2025-12-25 03:23:48

Ethena's ENA token is facing significant selling pressure across multiple fronts. Over the past 24 hours, the token has declined 1.9%, with a steeper 7.3% drop over the weekly timeframe, signaling a shift in market momentum.

Whale activity reveals capitulation patterns—16.8 million ENA tokens were deposited into wallets, with realized losses exceeding $15 million. This large-scale liquidation typically precedes further downside movement. Adding to the bearish setup, Ethena Labs recently transferred 18 million ENA tokens to exchange wallets, indicating incoming supply pressure that could weigh on prices near-term.

On the technical side, the chart structure is deteriorating. ENA has formed a descending channel pattern, a classic bearish continuation setup where lower highs and lower lows suggest selling momentum remains intact. Until the token reclaims support levels above the channel, this downtrend framework likely persists.

ENA1.49%

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blockBoy

· 8h ago

ENA this wave is really a bit tragic, whales are all running... --- It's another descending channel, this rhythm feels a bit familiar --- 15 million coins dumped on the exchange, real trading loss of 15 million dollars... Oh my, this is truly cutting losses --- If the support level doesn't hold, it will continue to fall, no suspense --- The ethena project seems a bit unclear in its prospects, quite a few people are selling off --- Wait, is the developer also selling? This signal is a bit dangerous --- How long do we have to wait in the descending channel before a rebound... can't hold on anymore --- Seeing only a 1.9% drop in 24h and 7.3% over a week... slowly bleeding feels pretty unpleasant --- Whale losses and liquidations are usually the start of a bear market, based on experience --- If this downtrend can't break through the upper resistance, it feels like it will continue to test the bottom

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BoredStaker

· 8h ago

Whales are dumping, and labs are still dumping coins on exchanges. The situation is truly desperate.

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DecentralizedElder

· 8h ago

Once again, the same old story. Large investors have surrendered 16.8M coins, but Ethena Lab is still dumping 18M on exchanges. Isn't this clearly trying to crash the market... --- Looking at the chart, it’s going down, a downward channel has formed. Basically, it’s just the retail investors taking the hit... --- Wow, a 7.3% drop in a week. This pace feels off, and it seems like it might continue to bottom out. --- Wait, is the official team dumping coins onto exchanges? This move... I’m starting to lose confidence. --- A $15M loss position—that’s the real sign of surrender. It’s likely there’s more downside ahead. --- The descending channel has appeared. I bet this broken coin will break another support today. What about you?

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MEVHunter

· 9h ago

nah that 18M dump from labs is basically a neon sign saying "we're done here" ... descending channel + whale capitulation = textbook liquidation cascade incoming tbh

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GovernancePretender