Amid the continued market uncertainty, crypto whales are seen offloading Ethena (ENA) tokens. Right this moment, March 6, 2025, a distinguished crypto skilled posted on X (previously Twitter) that whales have dumped a big $148 million value of ENA tokens onto the exchanges prior to now 48 hours.
Present Worth Momentum
This substantial token motion from wallets to exchanges has the potential to create promoting stress and drive the value decrease. Nonetheless, regardless of this, the ENA worth moved in the wrong way, registering a achieve of over 8% prior to now 24 hours and at the moment buying and selling close to $0.38. Throughout the identical interval, its buying and selling quantity surged by 160%, indicating heightened participation from merchants and buyers in comparison with yesterday.
Regardless of the offloading of 148 million ENA tokens onto exchanges, some buyers and long-term holders have been accumulating the tokens, in keeping with on-chain analytics agency Coinglass.
Information from spot influx/outflow revealed that exchanges have witnessed an outflow of a big $19 million value of ENA tokens prior to now 48 hours. Such outflows from exchanges point out potential accumulation amid worth drops and will create shopping for stress and upside momentum.
Merchants Bullish Guess
Moreover the blended sentiments amongst whales and long-term buyers, intraday merchants are additionally supporting this bullish exercise. Up to now 24 hours, merchants have been over-leveraged at $0.362 on the decrease facet and $0.386 on the higher facet.
Information additional revealed that $0.362 is a key degree the place merchants have constructed $5.50 million value of lengthy positions, whereas $0.386 is a degree the place merchants have constructed $2.17 million value of brief positions. These positions at over-leveraged ranges point out that bulls are dominating and will assist ENA in an upcoming rally, serving to it get better its worth.
ENA Technical Evaluation and Upcoming Ranges
Based on skilled technical evaluation, ENA has efficiently retested its essential assist degree of $0.345 and now seems to be rallying upward.
Primarily based on historic worth patterns, if the asset holds this degree and closes a each day candle above $0.345, there’s a sturdy chance it might soar by 25% to succeed in the $0.50 degree within the coming days.