- Whale inflows surged, but outflows are overwhelming, indicating more selling pressure than buying interest.
- ENA’s price faces resistance at $0.38, but technical indicators suggest potential for a breakout.
A recent 13.94 million Ethena [ENA] deposit (worth $4.66 million) to Binance has drawn attention to the growing whale activity surrounding ENA.
Despite this influx of buying power, 64.36% of holders remain “out of the money,” which could act as a barrier to a swift recovery.
The market faces a delicate balance, where the strength of whale support and large holder activity will determine whether Ethena can overcome its current resistance.
Large holder inflows surge vs. outflows surge
Over the past seven days, large holder inflows surged by +2094.41%, but the outflows surged even more significantly by +3953.02%.
The greater surge in outflows suggests that selling pressure outweighs the buying pressure.
While whales are accumulating ENA, a larger portion of the market is exiting, possibly taking profits or reallocating funds.
This imbalance could indicate that ENA faces stronger selling pressure than buying interest, which may limit price recovery or prevent a breakout above key resistance levels.
Source: IntoTheBlock
ENA price structure: Will it break above $0.38 resistance?
At press time, ENA was consolidating within a price range between $0.32 and $0.38, as shown in the chart. This consolidation phase suggests a potential buildup for a breakout.
At press time, ENA was trading at $0.3301, reflecting a 6.17% decrease over the last 24 hours.
The Alligator Indicator showed a narrowing of the moving averages, which typically indicates a tightening market ready for a significant move.
Additionally, the Stochastic RSI was reading 77.47, indicating that ENA was in overbought territory and could soon see a pullback or a corrective move before attempting to break the $0.38 resistance.
If ENA manages to break above this level, it could move towards the next resistance at $0.50. However, failure to clear $0.38 may lead to further consolidation or a price decline back toward the $0.32 support.
Can rising social dominance fuel price momentum?
ENA’s social dominance spiked to 0.124% at the time of writing, reflecting increased community interest. A rise in social dominance often precedes price movements, as greater market attention can result in buying pressure.
However, while social dominance is an important metric, it does not guarantee sustained price growth. For a lasting rally, positive sentiment must translate into real buying activity.
Therefore, while social metrics are promising, the market will require continued whale support and buying pressure for a significant breakout.
Source: Santiment
At the time of writing, liquidation data revealed a significant surge in long liquidations totaling $254.99K, compared to $10.76K in short liquidations.
This imbalance suggests that the market is currently under more selling pressure from liquidated long positions than from shorts.
Typically, when more long positions are liquidated, it can lead to further downward pressure as these positions are forced to sell their holdings.
Can ENA overcome its resistance?
Despite strong whale inflows and rising social dominance, the current market conditions are challenging for ENA.
With 64.36% of holders “out of the money” and significant volatility driven by liquidations, ENA faces substantial selling pressure.
The path to a breakout above $0.38 seems uncertain, but a strong shift in whale activity or sustained social sentiment could push ENA above this resistance level.
However, for now, the market remains in a consolidation phase, and ENA’s ability to overcome this resistance will depend on continued buying momentum.