Amidst the current market turbulence, there has been a noticeable trend of crypto whales shedding Ethena (ENA) tokens. A recent update on March 6, 2025, from a renowned crypto expert on X (formerly Twitter) revealed that whales have disposed of a substantial $148 million worth of ENA tokens on exchanges within the last 48 hours.
Despite this significant movement of tokens from wallets to exchanges, the price of ENA has surprisingly surged by over 8% in the past 24 hours, now trading at around $0.38. Moreover, the trading volume has witnessed a remarkable increase of 160%, indicating a heightened level of engagement from traders and investors compared to the previous day.
While whales have been offloading ENA tokens onto exchanges, there are reports suggesting that some investors and long-term holders have been accumulating these tokens. According to data from on-chain analytics firm Coinglass, exchanges have experienced an outflow of approximately $19 million worth of ENA tokens in the past 48 hours. This outflow indicates a potential accumulation during price declines, which could result in buying pressure and upward momentum for ENA.
In addition to the mixed sentiments among whales and long-term investors, intraday traders are also showing support for this bullish activity. Over the past 24 hours, traders have been heavily leveraged between $0.362 and $0.386, with a significant amount of long positions at the $0.362 level and short positions at the $0.386 level. This suggests that bulls are currently dominating and could potentially drive ENA towards a recovery in the near future.
From a technical analysis standpoint, ENA has successfully retested a critical support level at $0.345 and is showing signs of an upward rally. If the asset manages to hold this level and close a daily candle above $0.345, there is a strong likelihood of a 25% surge towards the $0.50 level in the upcoming days.
Overall, despite the offloading of ENA tokens by whales, the current market dynamics and technical indicators point towards a potential bullish momentum for ENA in the near term. Traders and investors should closely monitor these developments and adjust their strategies accordingly to capitalize on the opportunities presented by the market.