ENA faces selling pressure, and large holder signals are emerging.

In the past 24 hours, ENA has decreased by 0.55%, but the monthly chart has already fallen over 20%, indicating significant resistance. The key change comes from on-chain data: $3.75 million worth of ENA transferred to exchanges, increasing the risk of selling pressure. Technical support levels are around $0.21-$0.22; a break below could lead to a larger correction.

The macro environment is also not very optimistic. Currently, BTC dominance reaches 58.9%, which means funds are flowing from altcoins into Bitcoin, squeezing liquidity in altcoins and intensifying pressure on smaller tokens.

From a technical perspective, the RSI has fallen to 39, in the oversold zone, but the rebound is weak, and no strong reversal signals have formed. Meanwhile, the candlestick remains within a downward channel, lacking clear resistance levels for a breakout. Overall, caution is advised in the short term, and attention should be paid to whether support levels can hold.