Ethena Project Wallet Action: ENA Market Experiences Selling Pressure
- A whale received 17 million ENA (equivalent to $5.41 million) from a a multistransferred itit to binBinance,, Gate.io and Bybit through Flowdesk.
- Coinbase is preparing to to list Ethena, while ENA collaborates with Securitize to develop a blockchain focused on real-world assets (RWA).
Ethena (ENA) is not only only a stablecoin protocol but is gradually being applied in other blockchain fields.
Although ENA has been struggling to generate profits for investors recently, the wallet has transferred a large number number of Tokens to exchanges - a move typically aimed at selling.Transaction Details from Project Wallet
A multisig wallet linked to Ethena Labs transferred approximately 17 million ENA, valued around $5.68 million, to Flowdesk.
Flowdesk then distributed 12.75 million ENA ($4.57 million) to Bin,ance, 2 millionA ($67.81K) to Gate.io, and 2.25751.32K) to Bybit.
This distribution occurred after unlocking 171.88 million ENA from sale, representing 2.82% of total circulating supply.
When large supply enters exchanges, the market typically experiences strong strong selling pressure.
ENA Price Drops but Technical Signals Suggest Potential Reversal
ENA price dropped nearly 8% in 24 hours due to the market not absorabsorbing the new supply.
Buying pressure is insufficient to balance ENA flowing to exchanges. However, if these ENA are used foration market making, selling pressure might decrease or support price stability.
On the chart, Eforming a rounded bottom - a sign of prolonged accumulation potentially signaling an upward trend reversal.
If buying pressure continues, ENA might break through important resistance levels. Key resistance levels include $0.983,, $0.9890, $1, and $1.2635 - accumulation price zones.
ENA Listing onals Coinbase and New RWA Blockchain
Coinbase plans to list Ethena on 5/6, depending on liquidity conditions. The The ENA/USD pair will be traded in stages.
Additionally, Ethena Labs collaborates with Securitize to build a new blockchain focused on real-world assets (RWA), reflecting strong infrastructure demand from institutional>institutional>Notably, USDe - Ethena's synthetic USD - nearly reached $ 6 billion in in.
Nevertheless, ENA's FDV/revenue ratio has dropped to cycle lincreasingly reasonable valeven as attraction increases increases.
