Ethena's ENA looks deeply undervalued on-chain, but a sharp April 2 drop and weak demand suggest more selling pressure could still lie ahead.
Ethena faces a brutal reality. Any price bounce could trigger aggressive selling from traders who've been waiting to exit their positions, even as data shows investors are quietly accumulating ENA tokens at current levels.
Despite accumulation clues, it may be overwhelmingly likely that any ENA price bounce would be aggressively sold off.