An important transaction involving ENA, a native token behind the Ethena decentralized protocol, has recently attracted the attention of market observers. According to data reported today by market analyst Onchain Lens, a whale continues buying ENA tokens. This month, the whale bought 9.08 million ENA tokens for $6.68 million at a price of $0.735 by selling PEPE and PENDLE tokens. The whale appears to be capitalizing on low prices to accumulate tokens. Currently, he holds 21.82 million ENA tokens worth $17.53 million and now has more ENA than PEPE in his portfolio. This acquisition triggered rising discussions revolving around ENA’s price movements and market dynamics.
Why This Whale Is Selling PEPE and PENDLE
This data signals that something interesting is happening behind the scenes: the whale has been selling off his PEPE and PENDLE holdings and loading more ENA gradually. The data suggests a warning sign for PENDLE and PEPE holders and signals a bullish indicator for ENA. This kind of transfer means large investors, popularly known as whales, are currently engaging in profit-taking while shifting to other tokens with potential. This often creates heightened volatility across crypto markets.
The data suggests that whales are reviving their interest in Ethena as they steadily add more ENA day by day. This gradual and persistent acquisition shows rising enthusiasm from large investors, a form of behaviour normally experienced before a possible price surge. The whale’s action, as pointed out in the data, signifies that big holders are taking long-term positions, potentially anticipating an upcoming bull run for ENA. This accumulation means that whales believe in ENA’s potential.
What Holds For ENA Price?
ENA is currently trading at $0.8107, down 3.2% over the past month, showing its sideways movements. Today, the token moved down by 2.4% over the past 24 hours, extending a sideways trend above $0.8107. However, it has been up 17.5% over the past week, an indicator of a bounce back supported by underlying buying activity and whale demand. This shows a rising momentum that offsets recent profit-taking activities noted in recent days.
Yesterday, market analyst AltcoinSherpa tweeted about a bull flag breakout for the token, indicating a likely uptrend momentum ahead. This bullish pattern traditionally suggests 20-50% price rises in bullish markets. If ENA can sustain its emerging upswing movement, it can erupt above the crucial resistance level of $0.913 and even aim for $1.20.
In connection with these technical indicators, the analyst outlined a price projection. He expects ENA to climb to $0.85 in the near term, underpinned by a forming buying strength following August’s consolidation. Ethena’s development activities also support this positive outlook. Yesterday’s listing of USDe stablecoin on Binance reinforced market confidence in the Ethena ecosystem.
