Ethena (ENA) is drawing renewed attention after on-chain data revealed that large investors accumulated 2.8 million tokens over the past week.
The development comes as the token trades near $0.59, showing signs of stabilization following weeks of downside pressure.
According to on-chain analyst Ali, wallets holding between 10,000 and 100,000 ENA have significantly increased their balances, signaling growing confidence among major holders. This accumulation phase often precedes a potential price recovery, particularly when accompanied by cooling market sentiment.
From a technical standpoint, ENA’s daily chart on Binance shows the price consolidating after retreating from highs above $0.80 in September. The Relative Strength Index (RSI) currently sits at 43, indicating that the token is approaching neutral territory after being oversold for much of the past two weeks. A sustained move above the 50 level could open the door to a rebound toward $0.65-$0.70, provided buying pressure continues.
Despite a cautious broader market, whale activity suggests that institutional players may be positioning for a medium-term bounce. Traders are closely watching whether this accumulation will translate into a new uptrend or if resistance near $0.60 will once again cap short-term gains.
If momentum builds, ENA could retest the $0.70 zone seen in mid-September, while failure to maintain current levels might drag prices back toward $0.52 support.
With fresh whale interest and RSI recovery underway, Ethena appears to be entering a decisive phase. A breakout above $0.60 could mark the start of renewed bullish momentum heading into the second half of October.
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