ENA is the most undervalued institutional coin.ENAUSDT Perpetual ContractBYBIT:ENAUSDT.PMax_Trader_IQMany projects that launched last year were hit hard and are now trading far below their lows, looking almost dead. But among them, there are still solid projects with strong potential, and one of them is $ENA. Ethena is a major staking protocol with a unique yield mechanism. They literally have billions in TVL, while their token is sitting near the bottom. 1️⃣ Like many other coins, ENA has one key level: the October 10 level. For ENA, that’s $0.12. If price is below it, the token really does look dead, because all decent projects have already managed to recover far above those levels. 2️⃣ And now ENA has finally moved above it for the first time in a long while, and is trying to hold around $0.162. The August bounce looks like it’s coming to an end, and the main question is how low the price will drop. 3️⃣ Right under this $0.12 pivot level, the first major cluster of buyer liquidity has formed. I’m not the only one who knows about this level, and everyone is waiting for a retest of such an important zone. And that’s exactly why it could become a trap for many traders, with price never coming back to it. 4️⃣ The first major seller liquidity zone is around $0.26–$0.29, which is almost +100% from the current price and feels unrealistic right now. 5️⃣ But it’s important to look at CMF, which has been showing liquidity inflow into the coin since November 2025. So even while price was going down, money had already been flowing into ENA this whole time. The current price range, around $0.16–$0.11, looks like the best long-term accumulation zone with a 12x+ target 📈