ENA Token Drops 17.49% After Major Unlocks Despite Strong Volume and Top 50 Market Rank

ENA/USDT experienced a significant price decline of 17.49% over the past 24 hours, with the price dropping from a 24h open of $0.3448 to $0.2845 on Binance. This sharp decrease is primarily attributed to recent major token unlocks on June 2 and June 5, which increased circulating supply and exerted downward pressure on the price. Additionally, despite the recent Binance.US listing on June 12 that initially boosted market visibility and trading activity, the overall sentiment has been affected by short-term bearish technical signals and forecasts of further declines, as well as resistance encountered around key levels following news of upcoming listings on other major exchanges.

Currently, ENA is trading at $0.2845 with robust 24-hour trading volume and a market cap ranking within the top 50 cryptocurrencies, indicating continued high market interest despite the recent price volatility and supply-driven headwinds.