Recently, the market performance of ENA has indeed been less than optimistic. The decline over just a few days has been significant, and holders' confidence is clearly waning. Is this correction an opportunity to buy the dip or a sign of ongoing risk? Market participants have differing opinions.

Let's take a closer look at some recent driving factors: First, increased competition in the sector, with similar projects launching new features that divert market attention. Technically, the price has broken through multiple key support levels, which is a considerable blow to market sentiment. On-chain data shows frequent large transfers, likely from institutions or long-term holders quietly accumulating at low prices.

However, the issue is that although the price is at a low, it takes time and substantial positive catalysts for market sentiment to recover. If there are no clear signs of fundamental improvement, the price is likely to remain in a wide-range oscillation. Additionally, the entire on-chain data sector is currently in a correction cycle, and a rebound for a single project often requires stronger catalysts to drive it.

What’s your view? Has this wave of ENA already released most of its risks, or is there still room for further adjustment? Share your thoughts.