Ethena (ENA) faces significant selling pressure despite showing signs of being undervalued. The token experienced a 12.82% drop on April 2, falling to $0.0789, though it later recovered slightly above $0.08. Long-term trends remain bearish. 

Key on-chain metrics, such as MVRV pricing bands, indicate ENA has been below lower extremes since October 2025, with a current market price of $0.08 compared to a realized price of $0.373. Only 0.018% of the supply is in profit, meaning most holders are at a loss. 

While accumulation behavior has been observed—with the holder accumulation ratio at 74% and an increasing 365-day mean coin age—network activity remains weak. Daily active addresses and network growth are near six-month lows. 

Despite undervaluation, any price recovery may be aggressively sold off as holders seek to exit or break even. The ongoing market downturn, including Bitcoin’s decline, adds further risk. Value investors should proceed with caution.

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Here’s why Ethena [ENA] faces selling risk despite undervalued signals