Ethena (ENA) experienced a significant drop of over 10% on May 23, nearing a critical support zone between $0.0760 and $0.0809. By May 24, the token had slightly recovered to approximately $0.1005, though it remained down nearly 6% on the weekly chart. The decline was accompanied by a sharp increase in Spot Volume, which surged 46.63% to $76.84 million, indicating strong market participation during the sell-off. Despite the recovery, selling pressure persisted, and the market structure suggested a potential shift towards a sustained downtrend if the $0.0809 support zone fails to hold. Larger players showed increased activity near the lower price range, with whale-sized orders appearing, though sustained accumulation was not confirmed. The future movement of ENA will depend on whether buyers can maintain the support zone against renewed selling pressure.
Ethena (ENA) Declines Over 10%, Approaches Key Support Zone
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