In a significant move, Galaxy Digital, one of the leading players in cryptocurrency investment, has offloaded 10.85 million ENA tokens at an average price of $1.144, realizing a profit of $2.37 million. This sale is part of a larger strategy, with the firm transferring 4.46 million ENA tokens worth $4.92 million to Binance just nine hours earlier. Over the past 29 hours, Galaxy Digital has unloaded a total of 10.85 million ENA tokens, valued at $12.4 million, adding pressure to the market.
Whale Activity Amplifies Market Volatility
Galaxy Digital isn’t alone in its moves. In the past two days, other large investors, or "whales," have followed suit, transferring a total of 25.81 million ENA tokens ($30.43 million) to major exchanges like Binance and Bybit. This substantial influx of tokens has contributed to the current market volatility, leading to a noticeable dip in ENA’s price.
Market Outlook and Technical Analysis
Currently, ENA is trading at $0.9951, with a market capitalization of $3.01 billion. This represents a 13.71% decline in price over the past 24 hours. Despite the downturn, trading volume has surged by 30.44%, reaching $613.15 million, with a volume-to-market-cap ratio of 20.12%. ENA’s total value locked (TVL) stands at $5.89 billion, which leads to a market cap-to-TVL ratio of 0.5162, indicating healthy liquidity but pressure on price levels.
From a technical standpoint, ENA faces significant resistance at $1.09 and $1.21, while immediate support is located at $0.99. Should this support level be breached, the token may see further declines toward the $0.95 range. The 4-hour chart reveals a bearish trend, as the 9-day moving average has dipped below the 21-day moving average, signaling continued downward pressure. The Relative Strength Index (RSI) is hovering at 46.27, indicating a neutral market, though a recent dip suggests the token was oversold, potentially attracting buyers.
Outlook and Next Steps
The widening of Bollinger Bands points to heightened market volatility, confirming bearish sentiment in recent sessions. A failure to breach the $1.09 resistance could result in a price decline toward the lower Bollinger Band near $0.95. Meanwhile, the Moving Average Convergence Divergence (MACD) indicator continues to show bearish momentum, suggesting that selling pressure may persist. Traders should closely monitor technical indicators for any signs of reversal or further downside
movement.
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