- Whales purchased 32 million ENA in 24 hours, showing strong conviction despite recent price pullbacks.
- ENA’s TVL of $12.17B remains higher than its market cap, pointing to undervaluation against fundamentals.
- Short-term support near $0.70 is critical, while sustained whale demand could trigger a rebound toward $0.80.
Ethena ($ENA) has seen increased whale activity with 32 million tokens acquired in 24 hours, while price data reflects short-term selling pressure amid resilient long-term fundamentals.
Whale Accumulation Driving Market Attention
Recent activity from whale wallets has drawn attention after analyst Ali (@ali_charts) revealed that 32 million ENA were purchased in a single day. The chart data shows mid-to-large whales holding between 1 million and 10 million tokens significantly increased their balances.
This accumulation coincided with periods of price appreciation from late July to mid-August, suggesting whales were actively positioning during upward momentum. Even during minor retracements, accumulation remained steady, reflecting a consistent strategy rather than speculative exits.
Such accumulation trends often influence sentiment for retail participants. Deep-pocketed wallets reinforcing their exposure is frequently interpreted as confidence in the asset’s medium-term potential, especially when aligned with market-moving entities.
Market Data Shows Short-Term Pressure
While accumulation strengthened, short-term trading data points to volatility. Ethena’s daily price chart shows a steep decline after failing to maintain resistance near the $0.75 to $0.77 range. The token has now shifted focus to defending the $0.72 support zone.
The trading volume decreased by over 64% in the last 24 hours and now stands at $587.6M. A low activity suggests less speculative activity, which can cause sharper price movements as liquidity begins to dry up.
Despite these movements, Ethena maintains a strong position among altcoins with a $4.72B market cap and a high ranking. These figures keep the asset in focus for larger traders and institutions monitoring broader market stability.
Fundamentals Support Long-Term Growth
In addition to immediate market movement, supply-side factors remain healthy on-chain. Ethena’s Total Value Locked (TVL) stands at $12.17B, far above its market capitalization. The market cap-to-TVL ratio sits at 0.3883, suggesting that the asset is currently trading below its locked value base.
Supply structure also provides stability. Out of the 15B maximum token supply, 6.62B ENA are already circulating, and the unlocked supply aligns with the full market cap. This removes near-term risks of large unlock-driven sell-offs that often pressure other tokens.
In case whales remain in demand and broad sentiment maintains its current position, the price might climb towards the resistance areas. The $0.70 level will continue to be a critical zone to traders, and any pulls higher would target $0.76-0.80 under pleasant circumstances.
