Ethena (ENA) Whale Accumulates Millions of Tokens Despite Market Downturn, But Will the Bull Run Continue?

Ethena, a synthetic dollar protocol on Ethereum, saw its token ENA fall 9.20% in the past 24 hours as the crypto market declined.

A synthetic dollar protocol on Ethereum, Ethena, saw its token ENA drop 9.20% in the past 24 hours as the crypto market declined with Bitcoin (BTC) struggling to break above $104K. However, a whale has reportedly acquired a large amount of ENA.

Blockhain analysis platform Spot On Chain reported on Friday that the Ethena whale created a new wallet and acquired the 5.29 million tokens at an average price of $1.12, bringing the total purchase cost to $5.92 million. The wallet has already taken a loss on its ENA holdings which is currently valued at $5.655 million based on the current price of the altcoin, i.e., $1.07.

Also read: Ethena USDe Stablecoin Surges 72% – Tether’s Market Lead at Risk

The tokens were then withdrawn from Binance, the world’s largest digital asset trading platform, which suggests the whale is bullish on the short term price action of the ENA token despite the monumental price drop in the past 24 hours. According to CoinMarketCap data, the cryptocurrency has surged 16.45% in the past week and is up 87.77% in the last 30 days.

ENA Price Analysis

The daily chart shows the Relative Strength Index (RSI) for ENA is 59.20. This indicates that bulls control the price action, but the RSI line’s direction suggests a retest of $1 is likely.

The MACD indicator shows a bearish divergence. The signal line crossed above the MACD line, and the MACD histogram turned red. Combined with the RSI reading, the short-term outlook for ENA appears bearish. Investors should proceed with caution.

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