The reasons for the drop of $ENA are mainly as follows:

At the beginning of July, 40 million ENA tokens were unlocked, resulting in a sudden increase in short-term supply. Historical trends show that token unlocks often trigger sell-offs, and this time is no exception, with prices falling by 4%!

A whale transferred 7 million ENA to Binance, suspected to be cashing out despite a floating loss of 3.28 million USD, but continues to add margin to increase short positions, exacerbating bearish sentiment in the market.

Project unlock selling pressure + large holders offloading + technical breakdown form a vicious cycle.

Whether the decline can be stopped in the short term depends on two points: whether Bitcoin can stabilize + whether the strong support at $0.55 can hold!

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