Price dips, whales buy — now ENA's back on the rise | Credit: Derek Fenech
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Key Takeaways
Ethena whales have accumulated over 52 million tokens within the past seven days.
IOMAP shows a hefty demand shelf near $0.60, suggesting limited sell-side pressure
ENA has broken a falling channel and could be on the verge of closing above $0.70.
Ethena’s (ENA) explosive rally earlier this month briefly stalled, triggering speculation of a deeper correction.
However, a renewed wave of whale accumulation is shifting the narrative once again, suggesting the push toward $1 may not be over yet.
As of this writing, Ethena’s price is up 13%, and the price action echoes previous breakout setups.
The current structure looks similar to earlier rallies, when large buyers stepped in ahead of a sustained move higher.
Now, the spotlight is on whether price action can follow the bid.
Ethena Accumulation in Motion
Ethena’s price surged to $0.67 over the weekend before briefly dipping to $0.57 earlier this week.
Despite the pullback, the altcoin appears poised to close July at its highest level since February, driven by a fresh wave of whale accumulation.
According to CCN’s analysis, the bounce in ENA’s price is strongly tied to intensified buying activity among large holders.
Just last week, wallets holding 1 million to 10 million ENA collectively held 634.35 million tokens.
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Should these key stakeholders continue to buy into next month, then ENA’s price will likely retest $1.
Another Chart Agrees
Whale wallets are not the only ones fueling the bullish narrative. On-chain data from the In/Out of Money Around Price (IOMAP) further supports the upside case.
The IOMAP shows support of nearly $0.60, with nearly 300 million ENA tokens in unrealized profits.
In contrast, the volume in unrealized losses between $0.61 and $0.70 is lower, indicating no significant sell wall. This position suggests that selling pressure is limited, and the current support base could serve as a catalyst for a breakout.
ENA In/Out of Money Around Price | Credit: Santiment
If momentum holds and buy-side demand persists, Ethena’s price may be well-positioned to challenge resistance and make a fresh run toward $1.
ENA Price Aims to Reach $1
From a technical standpoint, ENA is flashing bullish signals on the 4-hour chart.
The altcoin has printed four consecutive green candlesticks, confirming a breakout from a previously established falling channel.
Supporting the move, the Chaikin Money Flow (CMF) has surged above the zero line, signaling a notable uptick in buying pressure.
At the same time, the Awesome Oscillator (AO) is beginning to flip, with green histogram bars emerging.
While the AO reading remains slightly negative, the color shift suggests bearish momentum is fading and bullish momentum is gaining traction.
However, the trend remains vulnerable to shifts in sentiment. If selling pressure resurfaces, ENA risks falling below key support at $0.60, with a possible retest of $0.53.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
