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Ethena (ENA), Lido (LDO), and Pump.fun (PUMP) were among the biggest losers in the last 24 hours, extending ongoing corrections. Data from derivatives tracker CoinGlass shows that the market recorded around $666 million in liquidations. Of that figure, approximately $502 million came from long positions, compared to $164 million from short positions. The imbalance highlights the significant unwinding of bullish trades, which contributed to downward momentum across the sector.
Ethena Faces Risk of Breakdown
At the time of writing on Monday, Ethena was trading near $0.6881, only slightly above its recent low of $0.6744. The token, which powers a synthetic dollar stablecoin protocol, has been trending lower for three consecutive days.
Technical indicators suggest Ethena may be on the verge of testing deeper support. A key rising trendline connecting the August 2 and August 21 lows provides the nearest cushion near $0.6500. A daily close below this area could open the door for further losses toward the 50-day Exponential Moving Average (EMA) at $0.5876, with the August 2 low at $0.5122 providing additional support.
Momentum indicators are also pointing to weakness. The Moving Average Convergence Divergence (MACD) has been sliding lower since a bearish crossover on August 15, with red histogram bars extending below the zero line. The Relative Strength Index (RSI) stands at 53, just above neutral territory, but risks slipping further if selling pressure grows.
Still, a bounce cannot be ruled out. If Ethena holds its support trendline or breaks decisively above $0.7533—its Friday close—the token could revisit the $0.8555 peak from August 11.
Lido Slides Toward Key Support
Lido (LDO), the governance token of the liquid staking protocol, extended its weekend decline by another 1% on Monday. The token is now down more than 6% from Sunday, placing it at risk of a potential double top reversal pattern.
The double top is visible from the price peaks recorded on August 12 and August 22. Adding weight to this bearish signal, the RSI on the daily chart is forming lower highs while sliding closer to its midpoint, currently near 58. This bearish divergence suggests that buying pressure is weakening even as prices attempt to hold higher levels.
If Lido closes below $1.2250—its August 10 low—it could trigger additional downside momentum. Such a move may push the token toward the 200-day EMA, currently at $1.1046.
On the other hand, bulls could regain control if Lido climbs above the $1.6230 resistance from August 12. A successful breakout from that level could open the path to the $1.9590 peak from February 17.
Pump.fun Struggles in Falling Wedge
Pump.fun (PUMP), a token linked to coin start activity, is also facing pressure at the start of the week. The asset has already fallen around 7% since Sunday and was recently trading near $0.002886.
On the 4-hour chart, PUMP is moving inside a falling wedge pattern. While wedges can sometimes indicate a potential reversal, the near-term trajectory remains lower, with traders eyeing support at $0.002744—the August 19 low. A further dip could bring the token toward the wedge’s lower boundary near $0.002579.
The RSI currently reads 40, approaching oversold conditions, while the MACD continues to slope downward following a bearish signal triggered on August 24.
A short-term rebound is still possible if the token finds footing near current levels. A reversal could take prices back toward the 50-period EMA at $0.003102, aligning with the wedge’s upper boundary.
Liquidations Drive Market Sentiment
The broader crypto market’s $666 million in liquidations has set the tone for altcoins this week. The high share of liquidated long positions highlights how optimistic traders were caught on the wrong side of the move, forcing rapid exits.
Historically, such liquidations tend to exacerbate short-term corrections but can also reset market positioning, allowing for healthier trends to form in the weeks ahead.
Market Outlook
The declines in Ethena, Lido, and Pump.fun reflect wider fragility across altcoins after weeks of elevated leverage and slowing momentum. Technical indicators for all three assets point to the possibility of further corrections if current support levels fail.
However, the patterns also leave room for rebounds if prices stabilize and regain momentum. Traders will be watching closely whether these altcoins manage to hold their immediate support levels or slide toward deeper retracements.
