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Key Takeaways:
- ENA whale holdings surged over 8% in a week, showing institutional-level confidence.
- OBV divergence indicates rising volume inflow despite price stagnation.
- A breakout above $0.60 could trigger the next rally leg, but $0.51 remains critical support.
Ethena (ENA) is quietly gaining momentum as a convergence of bullish signals builds behind the scenes. Despite broader market stagnation, on-chain data and technical indicators are aligning in a way that hints a breakout rally could be on the horizon.
Whales Are Accumulating ENA in Droves
One of the most significant developments in recent days is the sharp increase in ENA whale holdings. According to Nansen, top wallets have added 8.15% more ENA in just the past week—amounting to nearly $1.87 million at current prices.
This uptick in whale accumulation comes as exchange balances for ENA decline. Over 1.07 billion ENA tokens have moved off centralized exchanges into private wallets, a classic signal that investors intend to hold rather than sell. When token supply on exchanges falls, it often sets the stage for price appreciation by reducing selling pressure.
OBV Divergence Suggests Hidden Buying Pressure
Technically, ENA is still trading within a converging wedge pattern, hovering around $0.57. However, the On-Balance Volume (OBV) indicator tells a more bullish story. While the price posted a lower high, OBV printed a higher high—forming a bullish divergence.
This type of divergence suggests that, although price action appears muted, underlying buying pressure is intensifying. Historically, such setups often precede sharp upward moves, particularly when supported by whale accumulation and reduced exchange supply.
Also Read: BitMEX Co-Founder Arthur Hayes Loads Up on Ethena (ENA) Amid 8% Price Spike
$0.60 Is the Key Breakout Level to Watch
The next technical milestone for ENA is a clean breakout above the $0.60 resistance level, which aligns with the 0.5 Fibonacci extension from the token’s recent rally. A move past $0.60 could open the door to price targets around $0.65, $0.71, and potentially higher.
The bullish scenario remains valid as long as ENA holds above the $0.51 support level. A drop below that would weaken the wedge breakout thesis and increase the likelihood of a near-term correction.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
