🧠 Ethena (ENA) – Sharp Spike, Fast Fade: What Happened?
Ethena (ENA) surged to a high of 0.3900 yesterday, gaining over 45% from its previous base — but it quickly dropped back to 0.3274, retracing around 16% of that move within hours.
The rally was fueled by renewed exchange interest, social sentiment spikes, and increasing exposure in Korean markets. However, a 40 million token unlock worth over $10M added sudden selling pressure, triggering a fast cooldown.
Currently, ENA is stabilizing just above its short-term support zone. If buyers defend the 0.3200–0.3300 area, a retest of 0.36–0.38 is possible. But without sustained volume, downside risk remains. Watch unlock schedules and funding rates closely before re-entry.