- A $4.41 million ENA accumulation by a whale signals potential bullish sentiment, but inconsistent whale flows and 93.88% of holders being underwater could cap further upside.
- For ENA to sustain a breakout, it must overcome key resistance levels, regain whale confidence, and attract strong spot buying momentum.
While whales show renewed interest, ENA must break through underwater resistance and shaky trader conviction to truly rebound.
A recently created multisig whale wallet has scooped up a staggering 14.57 million ENA tokens worth $4.41 million—a bold move that has stirred hopes of a potential recovery in Ethena’s (ENA) price action. The tokens, transferred from Binance and Bybit into a Gnosis Safe, suggest long-term holding intentions rather than speculative flips.
This accumulation aligns with ENA’s recent 11.3% rebound, lifting its price to $0.3379. Yet, despite the bullish signal, ENA’s path to recovery remains uncertain.
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Underwater Holders Cloud the Rally
Currently, 93.88% of ENA holders remain “out of the money,” with most trapped in the $0.35–$0.50 range. Only a meager 0.39% are in profit, placing heavy pressure on any upward momentum. Any short-term rally could trigger exits from frustrated investors looking to break even—creating a supply wall that could stall price growth.
Whale Behavior Flashes Mixed Signals
Though large holder netflows soared 10,659% in May, signaling intense accumulation, the last seven days have seen a sharp -1982% reversal, hinting at either distribution or hesitation. This inconsistency raises questions about whale conviction, despite the short-term optimism sparked by the $4.41 million inflow.
Derivatives Activity: Bullish or a Trap?
Derivatives markets for ENA are buzzing, with trading volume spiking 110.53% to $900.84M and Open Interest rising 10.66% to $430M. While this suggests growing trader interest, liquidation data reveals only mild short squeezes, indicating the rebound may have been opportunistic rather than foundational.
Technical Outlook: Eyes on $0.25 and Beyond
From a technical perspective, ENA continues to respect support near $0.25, with stochastic RSI near oversold levels suggesting potential for continuation. However, strong resistance looms around $0.35–$0.50, and only a decisive break above these levels with increased spot buying could mark a real trend reversal.