Ethena's recent price movement has left investors wondering what's next for the cryptocurrency. After a significant drop of over 10% on May 23rd, the token recovered slightly to $0.1005 by the end of the day.
Despite this short-term recovery, the weekly chart still shows weakness, with Ethena down nearly 6%. The token is now hovering near a key support zone between $0.0760 and $0.0809.
The sudden drop in price was accompanied by a surge in Spot Volume, which jumped 46.63% to $76.84 million. This indicates that the sell-off was not due to weak liquidity conditions, but rather conviction from traders participating actively in the market.