The crypto market is always full of surprises, and Ethena (ENA) is now at the center of attention. The token has been moving up in price, but recent selloffs and upcoming token unlocks have created uncertainty about its future. While ENA gained 7% this week, a massive selloff by a firm linked to Donald Trump has raised concerns among investors.

Trump’s World Liberty Financial Dumps 184K ENA 

This came after, Donald Trump’s World Liberty Financial (WLFI) recently sold 184,000 ENA tokens worth about $69,000. This triggered a wave of bearish sentiment in the market, as large sales like this often signal a lack of confidence in the asset. According to on-chain data from Arkham Intelligence, these tokens were transferred through several wallets before being converted into Wrapped Bitcoin (WBTC). This movement suggests that more selloffs could be on the horizon, which has made traders cautious.

More Selling Pressure Ahead?

The market is already on edge due to recent selloffs. Amber Group, a major market maker, recently dumped $10 million worth of ENA onto Binance, increasing selling pressure. Additionally, the upcoming token unlocks are a key concern. Over 2 billion ENA were unlocked in March, and another 200 million are set to be released on April 2 and 5. This influx of tokens into the market could add to volatility, making investors wary of Ethena’s short-term prospects.

Mixed Market Sentiment

Despite the selloffs, ENA showed resilience with a slight 1% intraday gain, trading at $0.3989. While the weekly chart reflects positive momentum, the monthly performance shows a 10% decline. Analysts remain divided—while some, like Byzantine General, suggest that the cooling funding rate could hint at a bullish turnaround, others warn that volatility remains a key risk for Ethena’s price trajectory.

Crypto analyst ChartCryptic pointed out that ENA has seen a 7.75% price increase and is currently holding steady at $0.39 after testing lower levels. He noted that if ENA can break past the $1 resistance, it could potentially rally toward $1.30. According to his analysis, moving averages indicate some stability in the short term, but traders should keep an eye on key price levels.

For now, ENA remains a token to watch, as investors weigh the impact of these selloffs and upcoming unlocks on its future price movement.

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