ENA’s funding rate fell to -42%, reflecting a surge in short positions. This bearish sentiment may trigger a short squeeze that could initiate a price rally if positions are liquidated.
Currently, ENA trades at 0.715 USD after a 14% drop in the past day and a 21% decline over the week. The market sentiment has turned bearish, yet a breakout of 1.017 USD may signal a bullish reversal.
Daily active addresses on the Ethena network decreased to 1,031, marking a two-month low, suggesting dwindling market interest and potential continued downward pressure on ENA.
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