- Whale staked 40 million ENA, reducing liquid supply and boosting market confidence.
- Technical indicators support bullish momentum with $0.098 emerging as the next target.
- Holding above $0.09 remains crucial to maintain the current bullish outlook.
Ethena — ENA, continues attracting attention after defending a key support level and extending recent gains. Strong buying interest has pushed ENA close to another important resistance zone. Fresh whale activity has added more optimism after millions of tokens moved into staking instead of remaining available for sale. That shift has strengthened market confidence, while technical indicators continue supporting a bullish outlook. The next few trading sessions could determine whether ENA reaches another local high.
Whale Staking Strengthens Market Confidence
Ethena has maintained steady momentum after holding the $0.078 support level earlier this week. Buyers quickly returned, lifting ENA to a local high near $0.094 before a modest pullback. At the time of writing, ENA trades around $0.093. Daily gains stand near 3.7%, while weekly returns exceed 10%. Trading volume has also climbed 9.5% to roughly $146 million. Higher volume often reflects stronger participation from both retail and institutional traders.
Recent on-chain data reveals another encouraging development. Large investors appear focused on earning staking rewards instead of holding liquid tokens. According to Arkham, a newly created wallet funded through Coinbase withdrew 40 million ENA, worth about $3.71 million. The wallet immediately staked every token after completing the transfer. Although staking does not guarantee higher prices, such activity reduces the number of tokens available for immediate selling.
Lower liquid supply can ease short-term selling pressure when demand remains steady. The transaction also suggests growing confidence from larger market participants. Broader staking data supports that trend. Figures shared by Nazoku show staked ENA climbed to 7.58% of total supply within three days. Total staked holdings have now reached around 1.1 billion ENA, valued near $104 million. Etherscan also reported a slight increase in staking participants, with holder numbers rising to 27,174.
Can ENA Break Above $0.098?
Technical indicators continue favoring buyers. The Directional Movement Index shows improving strength after the positive directional indicator climbed to 25. Meanwhile, the Average Directional Index reached 21. Rising readings from both indicators suggest bullish momentum continues building. The Stochastic Momentum Index also supports that outlook.
A bullish crossover appeared two days ago, and upward movement has continued since then. Combined with whale staking activity, those signals point toward improving sentiment across the market. The next major test sits near $0.098. Buyers must first defend the current price area around $0.093. Holding above $0.09 remains especially important because that level supports the current bullish structure.
A strong daily close above that zone could encourage another push toward resistance. Failure to hold $0.09 would weaken the current setup. Sellers could then force another retracement toward the $0.083 support area. Until then, whale staking, rising participation, and improving technical signals continue supporting a cautiously bullish outlook for ENA.
