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In the past 24 hours, the price of the Ethena (ENA) token has declined by approximately 4%. On-chain data indicates that this drop is largely connected to a $10 million sale executed by Amber Group. Following this sale, signals of short-term volatility have increased in the market, and technical indicators reveal that the price struggles to maintain significant resistance levels.
Amber Group’s Sale Triggers Market Fluctuations
According to on-chain analytics firms, Amber Group recently transferred $10.35 million worth of ENA tokens to the Binance exchange. Approximately $2.5 million of these tokens were acquired from a similar exchange two weeks prior, with an average purchase price of $0.3979. These transactions have augmented market supply, leading to increased selling pressure.
The magnitude of tokens sent to exchanges by Amber Group had an immediate impact on prices. This move from the market-making company heightened investors’ perception of short-term risk. As the token failed to maintain the $0.48 resistance level, the decline accelerated, with analysts suggesting that continued stay below this level increases the likelihood of ongoing selling.
Rising Supply and Token Unlockings Pressure Prices
Earlier this month, a total of 2.06 billion tokens were unlocked in Ethena’s tokenomics. Additionally, 94.19 million tokens were recently released into the market, contributing to the downward price pressure. Similar amounts of tokens are expected to become available in the coming days.
Token unlockings increase market liquidity but also apply downward pressure on prices. Analysts caution that sudden surges in supply can affect investor confidence. This scenario amplifies uncertainty for both new investors and current holders, complicating price stabilization.
Weekly charts show a 1% decrease in price, while the monthly decline reaches 11%. These figures suggest that investors are adopting a more cautious strategy towards short-term volatility. An analytical account, Sjuul, warned, “If the bulls cannot defend this demand, the situation could worsen.” The increase in supply and loss of resistance may pave the way for a new wave of selling.
