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Ethena’s native token ENA is gaining attention not just for its price action, but for the rising interest from large holders, also known as whales. In the past week, these whales have increased their ENA holdings by over 30%, showing growing confidence in the token’s short-term future.
In the last three months alone, ENA has surged by more than 70%, including a 5.5% gain in just the last 24 hours. This rapid growth is backed by strong technical indicators and positive sentiment around Ethena’s expanding ecosystem — especially its new USDtb stablecoin, which is 90% backed by BlackRock’s BUIDL fund.
Whales Increase Holdings as ENA Utility Grows
Whale wallets — addresses that hold large amounts of a token — are often seen as “smart money” in the crypto world. When whales start accumulating, it often signals growing belief in a token’s future performance.
Over the past seven days, ENA has risen by 6.6%. While the top 100 addresses increased their holdings slightly (0.21%), whale wallets went even further — increasing their ENA positions by 30.19%. That’s a major sign of institutional and high-net-worth interest in the token.
In contrast, some smaller public addresses reduced their holdings. But since these accounts hold much smaller amounts compared to whales, their selling has had little impact on the price.
Exchange reserves for ENA — meaning the amount of ENA held on trading platforms — have ticked up slightly. This usually happens during profit-taking phases. However, as long as whales continue to accumulate, the market remains bullish. If whales begin offloading and exchange reserves rise sharply, it may signal an upcoming sell-off.
The increasing utility of ENA may be one of the main drivers of whale accumulation. Its connection to USDtb, and the use of USDtb to back USDe — Ethena’s delta-neutral stablecoin — gives ENA a larger role in the world of decentralized finance (DeFi). This added functionality could be pushing whales to load up on the token in anticipation of more growth.
Technical Analysis Points to Continued Momentum
From a technical perspective, ENA is flashing bullish signals. A key indicator called the Exponential Moving Average (EMA) has shown a positive trend:
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The 50-day EMA has crossed above the 100-day EMA, a signal known as a “bullish crossover.”
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The 100-day EMA is also approaching the 200-day EMA, setting up for an even stronger bullish crossover that could spark further upward movement.
These crossovers are often seen by traders as reliable indicators that a token is gaining momentum and may soon enter a longer rally.
In technical analysis, a Golden Cross happens when a shorter-term moving average (like the 50-day) crosses above a longer-term one (like the 100-day or 200-day). It usually suggests that prices could rise even more in the near future.
ENA Price Action and Key Levels
Currently, ENA is trading within an ascending channel, which is generally considered a bullish chart pattern. The token recently approached a resistance level of $0.65, which it failed to break — for now.
If ENA can reclaim and stay above this $0.65 level, it could open the door for a move to $0.70 in the short term. A stronger breakout past $0.93 could eventually push ENA to $1.13, based on Fibonacci extension levels.
One key support level to watch is $0.60. If ENA drops below this level, the bullish trend could be broken, and a short-term correction may follow.
OBV Divergence Suggests Smart Buying
Another important technical signal is coming from the On-Balance Volume (OBV) indicator, which tracks the flow of trading volume to understand the strength of price trends.
Interestingly, even though ENA’s price made a lower high on August 7 compared to its July 28 peak, the OBV actually made a higher high. This is called a bullish divergence, and it typically suggests that behind-the-scenes buying pressure is increasing.
This means that while the price hasn’t surged yet, volume data shows that serious buyers (likely whales or institutional players) are quietly accumulating.
Conclusion
All signs currently point to strong short-term momentum for Ethena’s ENA token. Whale accumulation, bullish technical crossovers, a growing DeFi narrative around USDtb and USDe, and volume indicators like OBV are all supporting the case for further upside.
However, like all crypto assets, ENA’s future performance depends on breaking key resistance levels and maintaining support. A sustained move above $0.65 and $0.70 could lead to a bigger rally. But if the price falls below $0.60 and whales start selling, caution will be necessary.
