Investors Accumulate ENA, Price Could Rise to $0.65
The Most Important Points at a Glance
A new wallet has withdrawn 14.51 million Ethena (ENA) tokens worth $5.95 million from Binance. This movement suggests possible accumulation by so-called “crypto whales.” At the same time, data shows that investors are increasingly buying ENA. If the token stays above $0.36, its price could rise by up to 65%.
Large Investor Buys ENA Worth $5.95 Million
According to the blockchain analysis tool Lookonchain, a large amount of ENA has been withdrawn from Binance. Such purchases by institutional investors or whales can impact the price, as they often follow long-term strategies. This transaction could be an example of the “buy the dip” strategy, where investors buy during price declines to profit from a future increase.
$2.10 Million ENA Outflow from Exchanges
In addition to the large purchase, data from Coinglass shows that in the last 24 hours, ENA tokens worth $2.10 million have been withdrawn from crypto exchanges. A high token outflow may indicate that investors intend to hold their assets long-term rather than selling immediately.
Additionally, the on-chain analytics platform IntoTheBlock reports a 1,030% increase in large investor transaction volume within a day. The number of daily active addresses has also risen by 64%. These developments suggest that institutional investors and whales are becoming increasingly active in ENA.
Key Price Levels for ENA
Currently, the most important liquidation zones for ENA are between $0.394 on the lower side and $0.418 on the upper side. Traders have built significant leveraged positions at these levels.
– If the price drops to $0.394, long positions worth $6.26 million could be liquidated.
– If the price rises to $0.418, short positions worth $2.44 million could be closed.
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These data indicate that buyers currently dominate the market, making a price rally possible.
ENA Price Development and Forecast
At the time of analysis, the ENA price stands at approximately $0.41, having increased by 4.50% within 24 hours. According to technical analysis, ENA is in a strong support zone.
If the price remains above $0.36, a 65% price increase to $0.65 could be possible. This forecast is based on past price trends and the current buying interest of large investors.
Our Assessment
The recent movements of large investors suggest that ENA is currently being accumulated. The high token outflow from exchanges indicates a long-term holding strategy. At the same time, many traders are using high leverage in the market, which can lead to rapid price movements.
Whether ENA actually rises to $0.65 depends on further market developments and investor behavior. Those investing in ENA should closely monitor the liquidation zones and overall market conditions.
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