The crypto market is full of surprises, and this time, Ethena (ENA) is stealing the spotlight. The token has been climbing, but not without turbulence. A major selloff by a firm linked to Donald Trump, combined with upcoming token unlocks, has investors on edge.
Will ENA power through, or is more volatility on the horizon? With both bullish and bearish signals at play, the next few weeks could be a turning point.
Here’s what’s happening.
Donald Trump’s World Liberty Financial (WLFI) recently sold 184,000 ENA tokens, worth about $69,000. Large selloffs like this can signal a lack of confidence in an asset, triggering bearish sentiment. On-chain data from Arkham Intelligence shows that these tokens moved through several wallets before being converted into Wrapped Bitcoin (WBTC). This suggests that more selling could follow, making traders cautious.
WLFI’s selloff is not the only factor affecting ENA. Amber Group, a major market maker, recently sold $10 million worth of ENA on Binance, increasing selling pressure. Another concern is the upcoming token unlocks – over 2 billion ENA were unlocked in March, and another 200 million are set to be released on April 2 and 5. This large supply of new tokens could add to price swings, making investors wary.
Despite these selloffs, ENA has remained stable, gaining 1% intraday and trading at $0.3989. While its weekly chart shows growth, the token is still down 10% for the month. Analysts have mixed views – Byzantine General believes a cooling funding rate could signal a bullish shift, while others warn that volatility remains a risk.
Crypto analyst ChartCryptic noted that ENA has risen 7.75% and is currently steady at $0.39 after testing lower levels. He pointed out that if ENA breaks past the $1 resistance, it could rally toward $1.30. His analysis shows that moving averages indicate short-term stability, but traders should watch key price levels closely.
For now, Ethena remains a token to watch as investors assess the impact of selloffs and the upcoming token unlocks. With uncertainty in the market, ENA’s next moves could shape its short-term future.
Yes, Ethena might definitely be a good investment, if you are looking to invest for the long term.
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