The price chart of ENA has formed a head and shoulders pattern, indicating an increase in selling pressure.

The upcoming ENA token unlock is expected to exacerbate this pressure, possibly further depressing asset values.

In the past week, the market value of Ethena [ENA] has shrunk by 11.89%, and the decline continues over the past 24 hours, with the token falling by another 2.01%.

Given the current market structure and prevailing bearish trend, ENA may further decline, and the price may set a new low.

A head and shoulders pattern appears on the chart:

On the 4-hour chart, ENA seems to be forming a head and shoulders pattern, which is a bearish technical signal. The pattern is close to completion, and may only need one candle to confirm.

If the pattern is fully formed, ENA may enter another bearish phase. Breaking below the support level (usually called the neckline) could trigger a sharp drop in price.

The chart shows that ENA may fall to $0.454, a significant 49.10% drop from its current price of $0.92. Without strong support to absorb the selling pressure at this level, the token may face greater losses.