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Key Takeaways:
- ENA whale wallets added 52 million tokens in one week, boosting bullish momentum.
- Technical indicators confirm a breakout setup with support near $0.60.
- If buying continues, ENA could soon retest the $1 mark.
After a brief correction earlier this month, Ethena (ENA) is back in the spotlight with a 13% price jump, now trading around $0.67. The recent rebound comes amid strong whale accumulation, suggesting that a push toward the psychological $1 mark remains in play.
On-chain data shows wallets holding between 1 million to 10 million ENA have increased their holdings from 634.35 million to 686.26 million tokens in just a week—a 52 million token rise. This surge in accumulation points to growing confidence among large holders that the rally still has legs.
Technical Indicators Point to Bullish Momentum
ENA’s price action now mirrors previous breakout patterns. The altcoin has printed four consecutive green candles on the 4-hour chart, breaking out of a falling channel. The Chaikin Money Flow (CMF) is above zero, confirming strong buying pressure, while the Awesome Oscillator (AO) is showing early signs of a bullish reversal.
If momentum holds and resistance at $0.70 is broken, ENA could enter price discovery mode on its way to $1.
Key Support Levels Back the Bullish Case
Santiment’s In/Out of the Money Around Price (IOMAP) data shows strong support at $0.60, where nearly 300 million tokens sit in profit. Above that, there’s minimal resistance until the $0.70 level, reducing the likelihood of a major selloff in the short term.
This support structure, combined with ongoing whale interest, presents a favorable environment for continued upside.
ENA Targets $1 — But Watch for Sentiment Shifts
Ethena’s bullish indicators, strong whale accumulation, and solid support zones create a compelling case for a rally toward $1. However, any reversal in sentiment could drag ENA back to $0.60 or even $0.53.
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
Also Read: Whale Activity Fuels Ethena (ENA) Breakout Hopes
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.
