Ethena: Why ENA could drop below $0.7 amid whale sell-offs

• Large holders, commonly referred to as whales, have started offloading their ENA tokens amid waning confidence in the asset.
• The past 24 hours saw a significant spike in active addresses, suggesting increased selling activity among traders.

Ethena [ENA]  has struggled over the last month, recording a 22.58% drop in value due to prevailing bearish sentiment.

Despite these challenges, the token experienced a brief resurgence in the past 24 hours. Its price climbed 10.66%, and trading volume surged by 53.77%, indicating a shift in sentiment.

However, continued selling pressure from investors has capped ENA’s potential rally, leaving the asset vulnerable to further declines.

Whales persist in ENA sell-off, extending pressure

AMBCrypto reported that a major investor, holding between 0.1% and 1% of ENA’s total supply, recently sold $6.46 million worth of the token. This sale triggered a 9.84% price decline.

This trend has continued over the past 24 hours, with groups of large investors offloading over 50 million ENA tokens, according to data from Santiment.

Santiment identified these large investors as addresses holding between 10 and 100 million ENA.

Significant sell-offs by such cohorts often result in further price declines, stifling the asset’s potential for upward momentum.

AMBCrypto looked into additional data to gain deeper insights into the situation.

Whales drive ENA sell-off as new entrants exit

Whale-driven sell-offs have intensified, with 224 transactions recorded—the highest number in the past week, according to IntoTheBlock data.

A total of 50.64 million ENA, valued at $47.9 million, was offloaded in this bearish wave involving large investors and market participants.

Notably, the number of active addresses spiked over the last 24 hours, but it remains 19.27% lower compared to the previous week.

This indicates that a new cohort of large investors may be driving the sell-off, contributing significantly to the overall total of 1,500 active addresses, as retail participants increasingly join the trend.

In addition, with active addresses declining over the past week and new addresses dropping by 11.81%, market sentiment appears firmly skewed toward the bearish side.

Further decline could be on the horizon

ENA finds itself in a precarious position on the chart. Its rally from the previous day stalled upon reaching the $0.9742 resistance level, as identified by the Fibonacci retracement.

From this point, ENA’s trajectory hinges on its reaction at the $0.8784 support level, which it is currently approaching.

A failure to hold or rebound from this level would indicate a significant loss of trader confidence, potentially driving the price down to lower support levels at $0.7771 or even $0.7234, leading to further losses for investors.

Read Ethena [ENA] Price Prediction 2025-26

If whale sell-offs persist, alongside retail selling and a continued decline in new address adoption, ENA could face further downward pressure, placing it at risk of deeper price erosion.