base-pidgin

Ethena's (ENA) price has dropped 11.89% over the past week, and a head and shoulders pattern is emerging on its 4-hour chart, indicating increased selling activity. Key highlights:

- The pattern suggests a potential 49.10% drop to $0.454 if ENA falls below the neckline support level.
- Selling pressure is intensifying in the derivative market, with a negative Funding Rate and decreasing Open Interest.
- Exchange NetFlow data shows a decrease in ENA tokens leaving exchanges, increasing the available supply and adding to selling pressure.
- An upcoming token unlock is expected to release 12 million ENA tokens into the market, further increasing the circulating supply and potentially accelerating a price decline.