Key Insights:
- ENA price bounced as whales added 25M tokens from Bybit to a major wallet.
- Long accounts hit 71%, which signals rising bullish interest at key support.
- ENA price struggles once again with trendline resistance as whale flows increase demand.
ENA price is stabilizing on a key multi-month support zone, after weeks of pressure. Buyers are defending the level that was in the recent weekly charts. Meanwhile, whale accumulation and changing market positioning are strengthening the structure.
ENA Price Support Zone Holds as Buyers Step In
Solberg Invest said that the Ethena price was showing strength at a critical weekly support block. His chart showed repetitive reactions at the same horizontal level. Price bounced here in 2024 and again in early 2025. Now, the zone is serving as a firm foundation again.
The analyst expected the ENA price to rally to the descending red trendline above. He warned that the recovery may not be immediate. Instead, he projects sideways movement before any final start.
This is the same as the slow staircase formation that can be seen on the weekly candles. Buyers are absorbing pressure with small-bodied candles and higher wicks.
Furthermore, the level is important because earlier reactions produced large rebounds. Those moves were the multi-week climbs. This added weight to the current defence.
Solberg’s estimated trajectory is aimed at the $0.45 – $0.55 range. He recommended patience, saying early purchasers should not seek out quick spikes.
However, price structure is only half the story. Whale action has increased, and this action bolsters the support argument. That shift helped to lead very well into the next important area of analysis.
Whale Accumulation Rises Amid Bybit Outflows
Heavy inflows of ENA continue from Bybit to a major wallet. Another 25 million ENA transfer valued at $7.05 million was reported by Onchain Lens.
More than 355 million ENA is now in the receiving address. Most recent transfers were to this wallet, indicating steady accumulation and not rotation.
These inflows came on a notable timeline. Transfers occurred at 6 hours, 1 day, 3 days, 4 days, 9 days, and 10 days spacing. This pattern is suggestive of coordinated activity rather than random behavior. This looks similar to previous cycles where whales increased exposure during deep corrections.
These moves are in support of the bounce on the weekly chart. Large holders will often get in early at strong structural zones. Their presence stabilizes the markets under uncertain conditions. The inflows correspond to Solberg’s support zone, which strengthens the base.
Additionally, the whale accumulation changes market psychology. The short sellers tend to decrease the exposure when the big wallets become stronger. This shift in sentiment directly fuels the next key metric: Long/Short Positioning on Binance.
Market Positions Shift as Longs Take Control
Meanwhile, long/short data showed traders changing to bullish. At press time, Binance’s long account was at 71.85%. Short accounts dropped to 28.15%. The long and short ratios rose to 2.55. This change happened immediately after price retested weekly support.
Rising long participation is a sign of increasing confidence. Longs jumped November 27-28 as the price bounced from support. This is in line with previous cycles where traders added exposure after whale accumulation.
The trend supports the idea of controlling the move towards the descending trendline. Moreover, Ethena’s USDe stayed near $0.9994. This stability held even during heavy ENA transfers and shifts in ENA price. Peg stability mitigates ecosystem risk, and liquidity remains predictable.
This reinforced sentiment for USDe traders who rely on USDe markets. Stable backing often encourages a higher involvement in joint assets.
Moses K is a crypto journalist covering markets, regulation, and blockchain trends. He has written for The Coin Republic, Coinchapter, Cryptopolitan, Cryptotale, Coinspeaker, and MPost. Known for his concise, data-driven reporting, Moses focuses on price analysis, on-chain metrics, and policy developments shaping the global digital asset landscape.
