ENA Token Faces 6.24% Drop Amid Volatility, Whale Accumulation Signals Potential Market Shift

Ethena (ENAUSDT) experienced a 6.24% price decline over the past 24 hours, with the current price at 0.6787 on Binance. This drop is primarily attributed to ongoing volatility and a test of the key support level at $0.7105, as highlighted in recent market analyses and social media discussions. The rounding top pattern observed on short-term charts indicates waning buyer momentum, while stable trading volume suggests investors are awaiting clearer market direction. Despite no recent protocol updates or new partnerships, whale inflows and technical indicators point to continued accumulation, but short-term sentiment remains cautious following a sharp shakeout and broader market correction.

Currently, ENAUSDT trades between $0.68 and $0.73, with 24-hour volume reaching up to $1.24 billion and a market capitalization of approximately $4.51 billion. The asset has shown strong growth over the past month and year, though recent price action reflects heightened volatility and investor uncertainty.