Preço de Ethena(ENA)

Ethena's (ENA) financial performance weakened significantly in Q1 2026, with its price dropping to $0.089. Key metrics show a 32% decline in Gross Protocol Revenue to $65.06 million, attributed to reduced minting activity and staking rewards. Total Value Locked (TVL) also fell by approximately $130 million since March, indicating sustained capital outflows and declining user activity, which hit a low of around 1,200 daily active users. Despite a slight improvement in gross profit, it remains substantially lower than previous quarters. However, spot market data shows consistent accumulation, with $3.41 million in net inflows over three days, suggesting investor demand may provide some price support. Without a recovery in core fundamentals, significant upside potential remains limited.

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.

Ethena (ENA) rallied 14.6% in 24 hours, extending gains from earlier in the week, partly driven by a broader crypto market boost following former President Trump's ceasefire announcement. The project's plan to diversify its USDe stablecoin reserves into non-crypto assets has also contributed to positive momentum, aiming to address declining yields and supply since the October 2025 market downturn. Despite the recent surge, ENA's overall trend remains bearish. Technical analysis on the 1-day chart shows lower highs, with the RSI below 50 and declining OBV, indicating sustained selling pressure. The price has struggled to break the key $0.095-$0.10 resistance zone, where a cluster of short liquidations is located. The 4-hour chart structure is also bearish, and a break above $0.095 is needed to shift momentum bullishly. Traders are advised to consider taking profits near current levels, as the relief rally may be over, and a downward move could follow. The resistance band remains a significant barrier to further gains.

SUI, ENA, and EIGEN are at the forefront of a significant wave of token unlocks this week, collectively releasing approximately $73 million in vested tokens. Specifically, SUI will unlock 13.72 million tokens (~$9.4M) and EIGEN 36.82 million tokens (~$8.7M) on July 1, while ENA unlocks tokens worth ~$3.12M on July 3. It is crucial to understand that these unlocks are supply events, not automatic sell signals. Market makers frequently hedge against such events in advance, meaning the released tokens do not necessarily trigger immediate sell-offs. For traders, the primary significance lies in how these events influence short-term market positioning, liquidity, and risk sentiment, especially for these actively traded assets. The story extends beyond the headline figures, as these unlocks can have ripple effects across related crypto trades and overall market structure. In the current environment driven by ETF flows and rotating liquidity, such events provide signals about shifting capital and confidence. However, they should be interpreted as one piece of a larger puzzle, viewed alongside broader on-chain metrics, derivatives data, and macroeconomic conditions to gauge whether they indicate a temporary scare or a more durable market theme.