- Whales added 2.80 million ENA tokens this week, signaling institutional confidence amid consolidation.
- ENA maintains stable support near $0.58 with a surge in 24-hour trading volume of over 36%.
- On-chain and technical trends indicate early signs of a potential short-term recovery phase.
Ethena (ENA) remains under the positive attention of the on-chain community, and whales are buying millions of tokens as the market sentiment stabilizes. The increased levels of trading and the widening liquidity indicate the increased confidence of investors towards the medium-term stability and developmental trend of the token.
Whale Activity Strengthens Accumulation Momentum
The recent analysis shared by Ali (@ali_charts) indicates that whales have accumulated 2.80 million Ethena (ENA) tokens within the past week. The accumulation is focused among holders with balances ranging between $10,000 and $100,000 ENA, suggesting a coordinated entry from medium-sized institutional participants.
The chart comparison between ENA’s price trend and whale accumulation metric shows a divergence pattern, where holdings rise despite steady prices. This structure often emerges when informed market participants position early in anticipation of a rebound. It also reflects controlled buying behavior at perceived value levels rather than short-term speculative activity.
Between late July and early October, accumulation phases intensified during periods of mild correction. The shaded accumulation areas have expanded notably since mid-September, coinciding with reduced volatility and tighter trading ranges. This behavior signals deliberate positioning by larger holders as selling pressure fades and market conditions stabilize.
ENA Shows Base Formation with Growing Market Participation
At the time of writing, Ethena (ENA) is trading at $0.5850, with a 1.75% rise in 24 hours. Its market capitalization is at $4.18 billion, with a 36.55% increase in the daily trading volume to about $456.7 million. Its volume-to-market-cap ratio of 10.92% suggests that it is actively trading, which is in line with higher investor participation.
ENA’s unlocked market cap of $4.16 billion and fully diluted valuation (FDV) of $8.77 billion highlight steady liquidity distribution. With 7.15 billion ENA in circulation out of a 15 billion total supply, the token exhibits healthy float management and gradual distribution.
Technically, ENA has been consolidating around the $0.57–$0.58 range, a support zone that has contained repeated sell-offs. The structure suggests base formation, where the price stabilizes before attempting an upward expansion. Lower volatility, smaller retracement swings, and visible buying activity reinforce this consolidation pattern as a preparatory stage for future movement.
Technical and On-Chain Signals Point to Early Recovery Signs
A recent post by Unichartz on social platform X noted that “ENA is holding strong above the support zone and showing early signs of momentum returning.” This observation enhances the on-chain analysis made by Ali that the technical and behavioral indicators converge to a constructive setup in the short-term.
The increase in the Total Value Locked (TVL) to 14.97 billion is an extra support that indicates active ecosystem usage and capital involvement. This measure is also a part of long-term sustainability as it ensures stable inflows of liquidity and user activity in the protocol.
With the support level at or above $0.58 and the trading volume still growing, it is becoming more likely that ENA approaches the resistance level of 0.61-0.63. Whale accumulation serves as a buffer in the corrective process, and increasing on-chain activity promotes price stability.
