Ethena (ENA), the synthetic U.S. dollar protocol on the Ethereum network, experienced a significant drop amidst bearish market sentiment. ENA’s price is currently down by 17% in the last 24 hours, trading at $0.84 with a market cap of $1.2 billion, ranking it as the 68th largest cryptocurrency.

Key metrics for ENA on April 18, according to Santiment, show a 14.5% decrease in daily trading volume, now at $618 million. Additionally, data reveals a net outflow of 9.18 million tokens from all exchanges in the past day, with a 73.5% decrease in daily exchange inflow and a 44% drop in exchange outflow.

The decline in traders and investors taking profits has led to lower price volatility, indicating potential stability in the market. Santiment also reports a consistent decrease in daily active addresses over the past nine days, dropping from 20,922 on April 9 to 2,341 active addresses per day currently.

ENA’s Relative Strength Index (RSI) fell from 60 to 44 in the past 24 hours, suggesting the asset is slightly undervalued and could see a bullish momentum with an upward acceleration. To maintain a bullish trend, ENA’s RSI would need to stay below the 50 mark.

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