On March 6, 2025, crypto whales initiated a massive sell-off of Ethena (ENA) tokens worth $148 million, leaving a significant mark on the market and spurring discussions among traders and analysts.
Price Movement Amid Heavy Sell-Off
Despite the substantial sell-off of ENA tokens, the price increased by over 8% in the last 24 hours, trading near $0.38. During the same period, trading volume surged by 160%, indicating active participation from traders and investors.
$19 Million Worth Outflow
According to analytics firm Coinglass, exchanges have witnessed a significant outflow of $19 million worth of ENA tokens, suggesting potential accumulation despite the price drop, which could create buying pressure and support upward momentum.
Traders' Bullish Bet on ENA
Amid mixed sentiments, intraday traders support bullish activity. Key levels are $0.362 for long positions and $0.386 for short positions. Experts believe successful retests of the $0.345 support level indicate potential price increase by 25% to $0.50 in the coming days.
The massive sell-off by crypto whales has led to significant market movements in ENA tokens. Despite this, the price remains in high demand by investors and traders, creating prospects for further asset growth in the near future.
