Ethena [ENA] is catching the attention of cryptocurrency enthusiasts amidst a period of market uncertainty.
Recent data from Lookonchain, a blockchain-based transaction tracker, indicated that a newly established wallet withdrew 14.51 million ENA tokens valued at $5.95 million from Binance.
This significant withdrawal suggests a possible accumulation strategy by large crypto holders, showcasing an example of the popular “Buy the Dip” approach.
Outflow of $2.10 Million in ENA Tokens
Aside from the notable withdrawal, investors and long-term holders have been seen accumulating ENA tokens, as highlighted by Coinglass reports.
Spot Inflow/Outflow data reveals that exchanges have experienced an outflow of $2.10 million in ENA tokens within the last 24 hours.
Combining these findings indicates an increased buying spree by whales, likely leading to continued buying pressure and a potential price surge.
On the contrary, IntoTheBlock’s on-chain analytics firm reported a remarkable surge of 1,030% in large transaction volumes for ENA over the past day, coupled with a 64% rise in daily active addresses.
This surge potentially signifies a renewed interest and active engagement in the token by whales and institutional investors.
Significant ENA Price Levels
As of now, crucial liquidation benchmarks stand at $0.394 as the lower level and $0.418 as the upper boundary, with over-leveraged intraday traders at these points.
If the bearish sentiment persists and pushes the price down to $0.394, approximately $6.26 million worth of long positions could face liquidation from traders who hoped the price would remain above this level.
Conversely, a shift in sentiment leading to a rise to $0.418 could result in nearly $2.44 million worth of short positions being liquidated.
Considering the over-leveraged positions held by both bulls and bears, the current dominance by bulls indicates a potential asset recovery soon.
Ethena’s Price Movement and Future Prospects
ENA is currently trading around $0.41, having experienced a 4.50% surge in the last 24 hours.
Based on analysis by CryptoCrypto, ENA is currently supported strongly at $0.41, a level historically associated with significant price reversals.
If ENA maintains above $0.36 in the coming days, there is a high likelihood of a 65% rally towards $0.65 in the foreseeable future.