ENA Faces Selling Wave: Can the Team's Support Hold Off Downward Risks?

【Crypto World】ENA’s recent market performance has been a bit unstable—dropping from $0.247 to $0.23, a decline of 7.27%. This decline is not without signs.

The project team clearly felt the pressure. Within 24 hours, they made consecutive moves, buying a total of 50 million ENA tokens in one go, spending $12.18 million. This move caused their wallet holdings to surge to 789.8 million ENA, with a book value of $185 million. Interestingly, other top holders are also not sitting idle, with clear signals of following the trend to increase their holdings.

But can this hold back the situation? Retail investors’ selling pressure seems even more intense. The Buy/Sell Delta indicator shows a negative 6.85 million, indicating that sellers are clearly in the lead. Plus, ENA has already broken through several key technical levels, with the $0.20 support level being tested. If this line of defense is broken, there is still significant room for further decline.

From the data, although the official efforts are protecting the market, the overall sentiment doesn’t seem to have fully reversed yet. The future movement depends on how much patience retail investors can hold.