Ethena (ENA) has been capturing the attention of crypto enthusiasts as significant whale activity signals a potential price rally despite prevailing market uncertainty.
Whale Accumulation and Major Token Outflows
According to blockchain transaction tracker Lookonchain, a newly created wallet recently withdrew 14.51 million ENA tokens—worth approximately $5.95 million—from Binance. This massive withdrawal suggests possible accumulation by crypto whales, a classic example of the “Buy the Dip” strategy.
A newly created wallet just withdrew 14.51M $ENA($5.95M) from #Binance.https://t.co/y37RjeiG8l pic.twitter.com/zFb3i77DyQ
— Lookonchain (@lookonchain) February 26, 2025
Further reinforcing this bullish sentiment, data from Coinglass indicates that exchanges have witnessed an outflow of $2.10 million worth of ENA tokens in the past 24 hours. These outflows suggest strong accumulation by investors and long-term holders, which could create buying pressure and push prices higher.
On-Chain Metrics Indicate Growing Interest
On-chain analytics firm IntoTheBlock reported a staggering 1,030% surge in ENA’s large transaction volume over the last 24 hours. Additionally, the number of daily active addresses increased by 64% during the same period. This suggests that not only are whales returning, but institutions are also actively participating in the ENA market.
Critical Price Levels and Liquidation Risks
At press time, ENA is trading around $0.41, having gained over 4.50% in the past 24 hours. However, key liquidation zones suggest heightened volatility ahead:
- Support at $0.394: If the price drops to this level, approximately $6.26 million worth of long positions could be liquidated.
- Resistance at $0.418: If the price surges past this level, nearly $2.44 million worth of short positions could be wiped out.
Based on technical indicators, ENA is currently holding a strong support level at $0.41, a level historically associated with price reversals. If the token maintains a position above $0.36, analysts predict a potential 65% rally, bringing ENA’s price to $0.65 in the near future.
Also Read: Ethena Raises $100M for TradFi-Integrated Stablecoin Project
With increasing whale activity and strong market demand, Ethena (ENA) remains a token to watch as it navigates the current market landscape.
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.
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