Ethena [ENA]  is gaining widespread attention from crypto enthusiasts amid market uncertainty.

At the time of writing, the blockchain-based transaction tracker Lookonchain posted on X (formerly Twitter) that a newly created wallet had withdrawn 14.51 million ENA tokens worth $5.95 million from Binance.

Ethena [ENA] is gaining widespread attention from crypto enthusiasts amid market uncertainty.

At the time of writing, the blockchain-based transaction tracker Lookonchain posted on X (formerly Twitter) that a newly created wallet had withdrawn 14.51 million ENA tokens, worth $5.95 million, from Binance.

This substantial token withdrawal hints at potential accumulation by crypto whales. It serves as a perfect example of the “Buy the Dip” strategy.

$2.10 million worth of ENA outflow

In addition to the notable withdrawal, investors and long-term holders have also been accumulating the token, as reported by Coinglass.

Data from Spot Inflow/Outflow reveals that exchanges have witnessed an outflow of $2.10 million worth of ENA tokens in the past 24 hours.

When combining these metrics, it appears that whales are on a buying spree, which can create buying pressure and further drive a price rally.

However, data from the on-chain analytics firm IntoTheBlock reports that the large transaction volume for ENA has surged by 1,030% in the past 24 hours. Also, the daily active addresses increased by 64% during the same period.

This potentially indicates that whales and institutions are returning and actively participating in the token.

Key levels of ENA

At press time, the major liquidation areas were $0.394 on the lower side and $0.418 on the upper side. Intraday traders have over-leveraged at these levels.

Available data shows that if the bearish market sentiment continues and the price drops to $0.394, nearly $6.26 million worth of long positions will be liquidated. Traders built these positions hoping the ENA price would not fall below this level.

Conversely, if sentiment shifts and the price rises to $0.418, nearly $2.44 million worth of short positions will be liquidated.

When considering these over-leveraged positions by both bulls and bears, it appears that bulls are currently dominating the asset and could help drive a recovery soon.

Ethena’s price action and upcoming level

At press time, ENA is trading at $0.41, having surged over 4.50% in the past 24 hours.

According to AMBCrypto’s price analysis, ENA is currently at a strong support level of $0.41, which has a history of significant price reversals.

If ENA manages to hold above the $0.36 level in the coming days, there is a strong possibility it could rally by 65% to reach $0.65 in the future.