Ethena (ENA) is drawing renewed attention after a sharp increase in realized profits coincided with rising whale activity, according to Santiment Intelligence. The combination raises questions about whether large holders are securing gains or preparing for further market moves. Ethena is the decentralized finance protocol behind the USDe synthetic dollar, with ENA serving as its governance token.

At the same time, crypto analyst Giannis Andreou has identified a potential recovery setup near the $0.196 Fibonacci retracement zone, putting fresh focus on whether buyers can defend support amid growing profit-taking activity. Together, the on-chain readings and the technical levels now frame the token's near-term outlook.

Santiment Reports Record Hourly ENA Profits

According to on-chain analytics platform Santiment Intelligence, Ethena recorded $17.7 million in realized profits within a single hour, marking the asset's largest hourly spike of 2026. The figure points to substantial profit realization among market participants, though the metric alone does not confirm that selling pressure will continue or that ENA has reached a market top.

Source: Santiment Intelligence's X post

Realized profits reflect gains secured by holders. Santiment also reported that transactions worth at least $100,000 have climbed steadily in recent weeks, suggesting increased activity among large ENA holders during heightened volatility. Without additional on-chain evidence, it remains uncertain whether these transactions represent selling, accumulation, or wallet transfers.

Whale Activity Raises Concerns About ENA

The simultaneous increase in realized profits and large transactions has made whale behavior central to the ENA price's near-term trajectory, a focus that reflects how on-chain analytics have made large-holder tracking a routine part of crypto market analysis. If large holders continue securing gains, additional supply could enter the market and challenge recovery attempts.

However, transaction values alone cannot establish whether whales are selling, accumulating, or transferring tokens between wallets. Exchange flows, wallet balances, and subsequent price action could help clarify these movements.

If the ENA price maintains support despite continued whale activity, buyers may be absorbing selling pressure. Conversely, rising realized profits alongside weakening prices could indicate persistent distribution. For now, Santiment's observations highlight increased activity rather than a confirmed bullish or bearish reversal.

ENA Technical Analysis Highlights $0.196 Support

Crypto analyst Giannis Andreou identified $0.196 as a key level after ENA's daily chart reacted near the 0.618 Fibonacci retracement zone. Fibonacci retracement levels, derived from ratios of the Fibonacci sequence, are widely used to map areas where pullbacks may find support or resistance, with the 0.618 level commonly known as the golden-ratio retracement. In his view, a return to this area could offer another recovery opportunity if the token holds support and consolidates before attempting an upward move.

Source: Giannis Andreou's X post

The setup depends on buyers defending the retracement zone rather than allowing the price to break lower. Andreou identified $0.215 and $0.233 as potential recovery targets, followed by a possible revisit of previous highs near $0.294 if upward momentum continues. These levels remain conditional on price confirmation.

Analyst Outlines Recovery Targets and Downside Risk

Andreou's analysis describes a potential recovery from $0.196 toward $0.215 and then $0.233. If the ENA price advances through these levels, the analyst sees the possibility of revisiting $0.294. The scenario depends on support holding and should not be interpreted as a guaranteed outcome.

He also identified $0.183 as a critical downside level. A break below it would weaken the bullish setup and undermine expectations for a sustained recovery. Santiment's findings introduce a further variable, as continued profit-taking among large holders could limit upward momentum even if the technical structure initially remains intact.

What Comes Next for ENA?

ENA's next move will depend on whether buyers defend $0.196 and whether large-holder profit-taking begins to ease. A successful retest followed by a move above $0.215 would support Andreou's recovery scenario, with $0.233 then becoming another important level. Continued whale activity could increase volatility and complicate the rebound.

A breakdown below $0.183 would weaken the bullish outlook and raise concerns about further downside. Traders will be watching price action and on-chain activity to assess whether selling pressure is fading. Santiment's data highlights increased market participation, but ENA's recovery ultimately depends on demand, support confirmation, and shifting holder behavior.

This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always do your own research. This is not financial advice.