Ethena's token, ENA, plummeted by over 10% on May 23, quickly approaching the demand range of $0.0760 to $0.0809. By May 24, ENA had recovered slightly to around $0.1005, but the weekly chart still showed a decline of nearly 6%, indicating that the overall trend has not yet escaped the pressure.
Spot trading volume increased significantly.
During this decline, market trading activity increased simultaneously. Data shows that ENA spot trading volume increased by 46.63%, rising to US$76.84 million.
Increased trading volume during a decline usually indicates that the market is not passively falling due to insufficient liquidity, but rather that more funds are actually participating in the trading. This also suggests that selling pressure remains relatively concentrated in the short term.
Support range becomes short-term focus
The market's current focus remains on the support zone around $0.0809. The article argues that this area may determine whether the ENA continues its downward trend or establishes a temporary stabilization.
If selling pressure intensifies again and buying fails to hold this level, the price structure may continue to weaken, and the bearish dominance will persist. Conversely, if buyers regain support in this range, the recent decline could be seen as a short-term, rapid sell-off.
Large orders are increasing, but the direction remains unclear.
CryptoQuant's average spot order size chart shows that larger orders have appeared in the market near recent ENA lows. This typically indicates that large traders are increasing their participation.
However, an increase in order volume alone is not enough to confirm that sustained accumulation has occurred. Currently, it appears to be a phase of increasing divergence between bulls and bears: sellers are in control during the decline, but the appearance of large buy orders may slow the fall near key support levels.
Overall, while ENA rebounded on the 24th, its weekly momentum remains weak. The market will continue to monitor whether buyers can provide sufficient support at key support levels should selling pressure reappear.
