Key Takeaways 

Why is ENA falling?

A 10% drop followed declining volume and heavy sell pressure from recent token unlocks.

What could shift sentiment for Ethena?

Holding wedge support and easing futures shorts might spark a short-term rebound before November’s next unlock.

Ethena [ENA] finds itself at a crossroads. After a sharp 10% drop, traders are watching whether the recent cooldown marks a pause or the start of a deeper slide.

AMBCrypto examined on-chain signals, trading data, and upcoming token unlocks to understand whether ENA’s current pressure could evolve into a broader trend shift.

Volume fades, liquidity dries up

The latest slump followed a noticeable decline in trading volumes, suggesting that the enthusiasm that fueled earlier gains has tapered off.

Lower liquidity typically amplifies volatility, making price moves more erratic once sellers gain control.

Oversold indicators, but Futures’ bias stays bearish

On the technical chart, Stochastic RSI hovered near 22, at press time, deep in oversold territory, hinting that a short-term relief bounce could follow before testing the $0.45–$0.47 wedge support zone.

Even so, optimism among long-term holders persists as ENA’s consolidation phase nears completion on higher timeframes.