CandleFocus

Galaxy Digital Offloads $12.4M ENA Amid 14% Price Drop

Author: Content Editor
Galaxy Digital has deposited over $4.9 million worth of ENA tokens to Binance, as part of a major selloff. In the past 29 hours, Galaxy Digital has sold off $12.4 million worth of ENA at an average price of $1.144, resulting in a $2.37 million profit. In total, three whales, including Galaxy Digital, have transferred $30.43 million worth of ENA to Binance and Bybit in the past two days.

As a result of this selloff, ENA's price has dropped significantly to $0.9951, with a 13.71% decline in the past day. Trading volume has increased by 30.44% in the last 24 hours, reaching $613.15 million, with a volume-to-market cap ratio of 20.12%. ENA has a total value locked of $5.89 billion, giving it a market cap-to-TVL ratio of 0.5162.

On the technical side, ENA is facing resistance at $1.09 and $1.21, with immediate support at $0.99. If the support is breached, there are potential downside risks toward $0.95. The charts indicate a bearish trend, with the 9-day moving average crossing below the 21-day moving average, suggesting continued downward pressure on the price.

The Relative Strength Index (RSI) indicates a neutral market, although a recent dip to 29 suggests the token was briefly oversold. The downward trend of the RSI, along with a declining moving average, indicates weakening momentum.

The Bollinger Bands on the chart have widened, reflecting increased volatility, and the price has moved below the middle band, confirming the bearish sentiment. If ENA fails to reclaim its $1.09 resistance, a move towards the lower Bollinger Band near $0.95 is likely.

The Moving Average Convergence Divergence (MACD) indicator shows bearish momentum, with the MACD line trending below the signal line, and the histogram reflecting growing negative divergence, reinforcing the selling pressure.

ENA has an active trading market with a circulating supply of 3.03 billion tokens and a total supply of 15 billion. However, further losses could be triggered if key support levels are broken, while a successful retest of the $1.09 resistance may indicate a reversal.

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