Galaxy Digital, a leading cryptocurrency investment firm, has made headlines by selling 10.85 million ENA tokens at an average price of $1.144, earning a profit of $2.37 million. This strategic selloff is part of a broader divestment, with the firm transferring 4.46 million ENA tokens worth $4.92 million to Binance just nine hours earlier. In total, over the past 29 hours, Galaxy Digital has liquidated $12.4 million worth of ENA tokens, contributing to market instability.
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#GalaxyDigital isnโt the only major player shaking up the ENA market. In the last 48 hours, three significant whales, including Galaxy Digital, have moved 25.81 million ENA tokens (valued at $30.43 million) to major exchanges like Binance and Bybit. This influx of tokens into the market has added to the current price volatility, leading to a sharp decline in ENAโs value.
At present, $ENA is trading at $0.9951, reflecting a steep 13.71% drop over the last day. The tokenโs market cap now stands at $3.01 billion, while trading volume has surged by 30.44% in the past 24 hours to $613.15 million, resulting in a volume-to-market cap ratio of 20.12%. ENAโs total value locked (TVL) is $5.89 billion, with a market cap-to-TVL ratio of 0.5162, signaling a challenging market environment.
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Technical indicators paint a bearish picture for ENA. Resistance levels are positioned at $1.09 and $1.21, while immediate support rests at $0.99. A breach below this support could drive prices down to $0.95. The 4-hour chart reveals a bearish crossover, with the 9-day moving average falling below the 21-day moving average, indicating continued downward momentum.
The Relative Strength Index (#RSI ) is at 46.27, reflecting neutral market conditions, though a recent dip to 29 indicated brief overselling, potentially drawing in bargain hunters. Meanwhile, the Bollinger Bands have widened, signaling heightened volatility. The priceโs position below the middle band reinforces the prevailing bearish sentiment, with the lower band near $0.95 acting as a possible target if the downward trend persists.
The Moving Average Convergence Divergence (MACD) indicator further underscores the bearish outlook. The MACD line is below the signal line, and the histogram shows increasing negative divergence, suggesting mounting selling pressure.
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๐๐๐ฅ๐๐ฑ๐ฒ ๐๐ข๐ ๐ข๐ญ๐๐ฅโs large-scale selloff has exacerbated ENAโs market challenges, driving significant price volatility. While entry and exit points in this evolving market landscape.
