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Ethena‘s ENA was trading near $0.219 on October 8, 2026, down 6.57% over 24 hours, after the token failed to hold a rally at $0.26 when the wider market turned lower on October 4, Ambcrypto reported. The slide took the altcoin to a session low of $0.21 and pushed it below its 20-day Exponential Moving Average of about $0.227.
The report paired the price weakness with two supply-side signals: an alleged team sale and a fresh wave of capital leaving the protocol.
Also read: Ethena Foundation proposes revenue-funded ENA buybacks as token jumps 10%
Key facts
- ENA traded around $0.219, down 6.57% in 24 hours, after rejection at $0.26 and a low of $0.21.
- X user Nazoku alleged the Ethena team sold $3.45 million worth of ENA on OKX, following an earlier transfer of nearly 400 million tokens from a team wallet to a proxy contract five days before the post.
- DeFiLlama figures cited by Ambcrypto put Ethena inflows at -$104.08 million on October 8, a net withdrawal level last seen in July.
- ENA’s Relative Strength Index sat near 50.64, just above its neutral midpoint, and the 20-day EMA stood around $0.227.
Reported team sale adds to supply worries
Nazoku’s claim described a chain of moves: tokens left a team wallet for a proxy contract, then passed through an intermediary wallet before sales on OKX. Ambcrypto said the reason for the reported sale was not clear. Projects do sell tokens to cover operating costs, but sales from a team wallet still add to circulating supply, and that tends to unsettle traders when price is already falling. The report noted the activity could push other holders to take profits or trim exposure, deepening the downside.
Outflows return to July levels
The protocol data told a similar story. Net inflows of -$104.08 million on October 8 marked the largest withdrawal since July. During that earlier stretch, ENA changed hands near $0.08. Ambcrypto cautioned that the data did not show where the capital went and that protocol withdrawals are not a direct measure of ENA selling. Even so, sustained withdrawals can erode confidence, leaving buyers to weigh weak price momentum against money leaving the protocol at the same time.
Also read: Standard Chartered Sets $2 ENA Target as USDe Seen Hitting $40B
Why it matters
The two signals arrive together, which matters more than either alone. A reported team sale speaks to token supply that holders cannot easily track, while negative protocol flows speak to demand for the product itself. For ENA holders, that combination narrows the case for a quick rebound and shifts attention from upside targets to whether the recent low holds. The July comparison gives readers a reference point: outflows of this size have previously coincided with ENA trading far below current levels.
What to watch
The nearest test is the $0.20 support level. A daily close above the 20-day EMA around $0.227 would weaken the bearish setup and open the path toward $0.25, while a drop through $0.20 could bring $0.19 into play. Continued outflow readings on DeFiLlama and any Ethena statement on the reported wallet transfers are the other items to track.
This article is informational only and is not financial advice; crypto markets are volatile and uncertain, so readers should do their own research.
Reported by ambcrypto.com.
Source: AMBCrypto