Just saw ENA bounce up to 7% but stopped right at $0.1196, unable to break through. Currently, the price has dropped back to $0.11. This seems to be a weak signal.

Looking at the chart, the head and shoulders pattern (head and shoulders pattern) is still very clear on the chart. If the price cannot surpass $0.1196, this pattern remains valid, meaning the downward target of 20% to $0.066 still has a chance to occur. Previously, there were support levels at $0.095 and especially the neckline at $0.08 — if broken, a strong decline will be triggered.

What worries me most is on-chain data. Just checked, from February 20th until now, whales have sold 180 million ENA tokens, from 9.48 billion down to 9.3 billion. They sold during weak price action, not accumulation. This indicates that large investors do not believe in the upcoming rally.

Additionally, on March 5th, there will be a major token unlock — 171 million tokens. Last time, a 40 million token unlock was manageable for the market, but this time it’s four times larger. Coupled with selling pressure from whales, this period is really unfavorable for buyers.

The RSI also shows divergence — the price made a lower high, but RSI is higher. That’s a warning sign before a decline. The Ethena protocol (USDe stablecoin) is strong, but ENA tokens are a different story. Close watch is needed on the $0.08 level.