Since holding the $0.078 support level days ago, Ethena [ENA] has maintained strong upside momentum. The altcoin rallied to $0.094 before retracing slightly.
At press time, Ethena traded around $0.093, up 3.7% daily and 10% weekly. Trading Volume also increased 9.5% to $146 million, reflecting stronger market participation.
Why are ENA whales staking?
Ethena [ENA] investors, especially whales, appeared to shift from accumulation toward staking for yield. Staked ENA increased over the past three days, led by high-value wallets.
According to Arkham, a newly created wallet funded through Coinbase withdrew 40 million ENA, worth $3.71 million. The wallet then immediately staked the entire amount.
The move reduced the whale’s immediately liquid holdings while generating staking yield. However, it did not establish how long the wallet intended to remain staked.
In fact, this activity coincided with a broader interest in staked ENA.
According to Nazoku, staked ENA reached 7.58% of the total supply over three days. Total staked holdings subsequently reached 1.1 billion ENA, valued at approximately $104 million.
On top of that, the number of staked ENA holders recovered marginally. Etherscan recorded 27,174 holders, up 0.004% over the past 24 hours.
Staking can reduce the liquid supply, potentially limiting near-term selling pressure. However, it does not guarantee stronger price performance.
Can ENA reach $0.098?
Whale staking supported ENA’s improving market sentiment. The Directional Movement Index showed +DI rising to 25, while the ADX reached 21.
The rising ADX and +DI suggested that bullish momentum was strengthening.
At the same time, Ethena’s Stochastic Momentum Index maintained an upward trajectory after forming a bullish crossover two days earlier.
These indicators supported possible trend continuation. If bulls retain control, ENA could defend $0.093 and target $0.098.
However, the token must remain above $0.09 to preserve the bullish setup. A daily close above this level could strengthen buyers’ position.
If ENA loses $0.09, another pullback could follow, with $0.083 acting as the next support.
Final Summary
- A Coinbase-funded wallet withdrew and staked 40 million ENA worth $3.71 million.
- Staked ENA reached 7.58% of supply as the token targeted $0.098.