• Ethena (ENA) price is consolidating inside a descending channel, often linked with sharper breakout rallies.
• Whales accumulated 12 million ENA tokens in a week, reflecting strong confidence in Ethena’s long-term value.
• Analysts expect a potential breakout toward $0.78, with whales’ aggressive entries hinting at a strong upside move.

Ethena (ENA) is on the verge of a breakout and showing resilience for a potential breakout with the growing confidence in the crypto sector. The token is currently moving inside a descending channel pattern, which is often linked to sharper rallies.

ENA is currently trading at $0.6123 with a market capitalization of $4.21 billion. Its price over the last 24 hours is stable, but over the last day it has surged by 5.75%. However, its trading volume also surged 7.93% to $533.62 million, reflecting the token’s upward momentum.

Source: CoinMarketCap

Ethena Whale Accumulation Signals Confidence

A prominent crypto analyst, Ali, highlighted that whales have quietly accumulated 12 million Ethena (ENA) tokens over the past week, signaling growing confidence in the project’s long-term value. On-chain data shows large investors moving heavily into ENA. This level of buying pressure often hints at strategic positioning ahead of bigger market moves.

Source: X

Commentators cite Ethena’s increasing DeFi applications and increasing institutional appetites for decentralized stablecoin replacements as primary whale attractions. Staking, liquidity supply, and synthetic applications through ENA have made it institutional investors’ radar. With whales’ aggressive entries, retail investors could potentially see the strong upward rallies.

Also Read: Ethena (ENA) Preparing for a Bounce: Is a Rebound Toward $0.80 Possible?

Ethena Price Eyes $0.78 Breakout After Channel Retest

The crypto analyst, Jonathan Carter, revealed that ENA is now backtesting the upper edge of its downtrend channel on the 4-hour chart, a technical point where many times the turning point of the corrective wave occurs. Most traders see this setup as the last opportunity for accumulation before the rally on the break. Momentum as well as volume behavior indicate bullish pressure is building.

Source: X

In the event the breakout holds, the short-term target for the upside stands at the $0.655, $0.710, $0.740, and $0.780 levels, respectively. These could encourage profit-taking, but prolonged buying could sustain an eventual larger bull run. Alternatively, an unsuccessful attempt at the breakout could lead to some short-term correction before the next upward movement.

Ethena Technical View Further Support Bullish Rally

Ethena’s price chart reveals price trading around 20 and 50 SMAs ($0.592 and $0.582). Obvious resistance presents around $0.65–$0.67, closely matched with the 200 SMA ($0.673). It presents an important barrier where sellers continue to resist strongly against recent upward momentum.

Source: TradingView

The RSI at 58.54 reflects a moderate bull but is cooling down marginally after previous near-overbought readings. The MACD stays bullish as the MACD line stays above the signal line, reflecting continuous upward movement. But the weakening histogram reflects the likelihood of a gentle correction before the subsequent attempt at breaking through.

Also Read: Ethena Price Analysis: Is ENA Ready for a Rebound or Deeper Fall?