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Ethena [$ENA] dropped over 10% on the 23rd of May, pushing the token closer to a demand zone between $0.0760 and $0.0809.
By the 24th of May, $ENA had recovered slightly near $0.1005. However, the weekly chart still showed weakness, with the token down nearly 6%.
Selling pressure remained visible on the charts. At the same time, Spot Volume surged sharply. This raised one question: Was the move backed by strong participation?
Can $ENA hold this support zone?
$ENA’s decline started to look more structured than reactive. The drop pushed the price closer to the $0.0809 demand zone on the 23rd of May.
That level could still shape $ENA’s next move if selling pressure returns.
If sellers regain control near this zone, market structure could shift further toward a sustained downtrend.
Even so, this is also the kind of area where buyers tend to step in. $ENA’s slight recovery on the 24th of May showed that demand had not fully disappeared.
Why did trading activity rise?
What stood out during this move was the spike in market activity. Ethena’s Spot Volume jumped 46.63% to $76.84 million.
This showed that the sell-off did not happen in weak liquidity conditions.
That matters because rising volume during a decline often reflects conviction. Traders were not sitting on the sidelines. They were actively participating, which reinforced the move.
Are whales really buying $ENA?
At the same time, larger players appeared more active near the lower price range.
CryptoQuant’s Spot Average Order Size chart showed whale-sized orders near $ENA’s recent lows. However, the chart alone did not confirm sustained accumulation.
In most cases, rising whale orders can counter selling pressure, especially when they appear near support.
This created a mixed setup. Sellers had control during the drop, but larger buyers could slow the move if demand holds.
What happens if $ENA loses support?
$ENA’s next move now depends on how buyers respond if selling pressure returns.
If the $0.0809 zone fails to hold, the market could extend its losses. That would shift the structure further in favor of sellers. By contrast, if buyers defend the zone with strength, the recent drop could remain a short-term flush.
As it stands, momentum still leans bearish on the weekly chart. But $ENA’s 24th of May bounce kept the support reaction alive.
Final Summary
- Ethena [$ENA] dropped over 10% on the 23rd of May before recovering near $0.1005 on the 24th of May.
- $ENA’s weekly chart remained weak, with the token still down nearly 6% despite its short-term recovery.