Ethena's price just climbed past $0.0917, and on-chain data shows why. A single investor parked 40 million ENA, worth $3.71 million, straight into staking five days ago. They bought the entire position on Coinbase without hesitation. That kind of move signals conviction, not profit-taking.
The Supply Squeeze
Staking activity has now locked up 7.58% of ENA's total supply. Over just three days, the token gained 17%, creeping toward the $0.10 barrier that traders have been eyeing. The math is simple: fewer coins available on exchanges means less selling pressure, and that's exactly what Ethena's accumulation pattern shows.
Technical analysts spotted ENA reclaiming the 200-period EMA on the four-hour chart. That's the signal traders wait for. If price holds above $0.0935 in the next four hours, the next target lands at $0.1020. Break that, and some analysts see $0.14 in reach, which would match the February peak.
What Stops the Rally
The flip side matters. If buyers fail to clear the $0.0935 resistance zone, ENA could slide back to $0.0880, where fresh accumulation would likely kick in. Right now trading volume sits at $123.95 million over 24 hours, and market cap stands at $877.38 million. Neither number screams explosive breakout, but the staking commitment from serious money suggests confidence.
Political tailwinds could help too. The Clarity Act approval could boost sentiment further, though that's speculation. The next 72 hours will show whether this whale accumulation actually moves the needle or if $0.10 becomes another level where momentum dies.
This material is informational only and should not be treated as investment advice. Cryptocurrency markets are volatile, and past price movements don't guarantee future results.
