Ethena Whale is crazily absorbing 1 billion ENA! Can the price hold the key support at $0.44?

Ethena (ENA) has recently become the focus of the crypto market. Despite the price struggling to break through $0.69 and falling to $0.575 on August 5, whales have been aggressively accumulating in the past few days, accumulating 1 billion ENA, with total holdings reaching 6.3 billion. Does this wave of whale activity signal that ENA's price is about to rebound, or is the mid-term pullback just beginning?

Whales are aggressively accumulating, ENA fundamentals continue to improve

According to Santiment's on-chain data, addresses holding between 10 million to 1 billion ENA have recently increased their holdings by approximately 1 billion ENA, with total Whale holdings reaching 6.3 billion. This phenomenon is often seen as a bullish signal for the market, indicating that major funds are confident in the long-term value of ENA.

On the fundamental side, the total value locked (TVL) in the Ethena network skyrocketed from $5.8 billion at the beginning of the year to $9.6 billion, showing strong growth momentum. Its USDe stablecoin is favored by investors due to its high yield characteristics, and the regulatory benefits brought by the U.S. "GENIUS Act" further promote the growth of the protocol.

Technical analysis releases pullback signals, short-term needs to be cautious of support levels

Despite the strong macro bullish atmosphere, the ENA daily chart shows a medium-term bearish structure. The price has fallen below the recent upward trend line, and the MACD indicator has also formed a death cross, indicating an increase in bearish momentum. If the weakness continues, ENA may retest the support level at 0.44 USD before it has a chance to regain strength.

At the same time, the open interest (OI) in futures reached 997 million USD, reflecting the continued trading enthusiasm in the market, but also indicating an increase in short-term volatility risk.

Market Outlook: Whale Movements and Fundamentals Will Be Key

The future price trend of ENA will depend on whether whales continue to increase their holdings, as well as whether fundamentals such as TVL and the number of protocol users can maintain high growth. If market sentiment warms up and funds continue to flow in, ENA is expected to stop falling and rebound, challenging the resistance at $0.69. Conversely, if support is lost, further pullback should be taken seriously.

Conclusion

Ethena whales are significantly accumulating 1 billion ENA in the short term, with strong fundamentals, but technicals indicate that pullback risks still exist. Investors should closely monitor the $0.44 support level and whale movements to seize opportunities for trend reversals.