Ethena ENA Staking Rises as Whale Locks $3.71 Million, Price Nears $0.098

Ethena's $ENA token is drawing renewed attention after buyers defended a key support zone and pushed the price toward another test of resistance. Ethena, the protocol behind the synthetic dollar $USDe, launched $ENA as its governance token earlier in 2024, and staking has since become a core mechanism for aligning long-term holders with protocol decisions. The main focus this week has been Ethena $ENA staking, as a large holder moved millions of dollars' worth of tokens off exchanges and directly into staking contracts rather than keeping them liquid. That transaction, combined with a broader increase in staking activity, has added support to a chart that already appeared technically constructive.

Key takeaways

$ENA is trading near $0.093 after holding the $0.078 support level, with daily gains of about 3.7% and weekly returns above 10%.

Trading volume rose 9.5% to roughly $146 million, indicating stronger participation.

A Coinbase-funded whale wallet staked 40 million $ENA, worth about $3.71 million, immediately after withdrawing it.

Staked $ENA rose to 7.58% of total supply in three days; total staked holdings are now near 1.1 billion tokens worth about $104 million.

Technical readings, including a Directional Movement Index near 25 and an Average Directional Index of 21, point to building bullish momentum toward the $0.098 resistance level.

Ethena $ENA shows strong market momentum

$ENA has held its ground since defending the $0.078 support level earlier this week, and that resilience is now visible in price action. At the time of writing, the token is trading around $0.093, not far from a recent local high near $0.094 reached before a modest pullback.

Price holds key support and advances

Daily gains for $ENA are near 3.7%, while weekly returns have topped 10%. Such short-term strength, especially after a clean bounce from support, often draws interest from traders looking for continuation setups rather than isolated spikes.

Rising trading volume signals increased participation

Trading volume has climbed 9.5% to approximately $146 million, suggesting that more traders — both retail and institutional — are actively engaging with the token. Higher volume during a price advance generally reflects conviction behind the move rather than a thin rally that could reverse quickly.

Whale staking activity boosts market confidence

A single large transaction has become the centerpiece of this week's $ENA narrative, pointing to growing confidence among bigger holders rather than a rush to sell into strength.

40 million $ENA staked by Coinbase-funded whale wallet

According to blockchain analytics platform Arkham, a newly created wallet funded through Coinbase withdrew 40 million $ENA tokens, worth roughly $3.71 million at the time. Instead of holding the tokens as liquid, sellable assets, the wallet staked the entire amount immediately after the transfer completed. Staking does not guarantee a higher price, but locking up that much supply in one move sends a clear signal about the holder's intentions.

Staking growth reflects lower liquid supply and wider participation

This is not an isolated case. Data shared by Nazoku shows staked $ENA climbed to 7.58% of total supply within just three days, a fast pace of accumulation for a token trading in a relatively tight range. Total staked holdings have risen to approximately 1.1 billion $ENA, with a market value approaching $104 million. Etherscan data adds another layer, showing staking participants increasing to 27,174 holders.

When whales and smaller holders alike move tokens out of circulation and into staking contracts, the amount available for immediate selling declines. Lower liquid supply can ease short-term selling pressure as long as demand remains steady, which helps explain why this staking wave is being interpreted as a confidence signal rather than a routine yield strategy. In the broader DeFi landscape, governance token staking has become a widely used mechanism across protocols to reduce circulating supply and give committed holders a role in governance decisions, making the pace of $ENA staking adoption a metric some market participants track alongside total value locked in the Ethena protocol itself.

Technical indicators suggest bullish breakout potential

The charts are broadly matching the on-chain data: momentum is building, and buyers currently have the upper hand.

Directional Movement Index and Average Directional Index point to momentum

The Directional Movement Index shows improving strength, with the positive directional indicator rising to 25. The Average Directional Index, which measures trend strength regardless of direction, reached 21. Both readings are consistent with a strengthening bullish trend rather than a fading one. A bullish crossover on the Stochastic Momentum Index appeared two days ago, and upward movement has continued since, reinforcing the case for sustained buying pressure.

Key resistance and support levels to watch

The next major test for $ENA is near $0.098. Before challenging that level, buyers need to defend the current price zone around $0.093. Holding above $0.09 is especially important, since that level underpins the current bullish structure on the chart. A strong daily close above the $0.093–$0.098 range could open the door to another move higher.

If $0.09 fails to hold, the setup would weaken significantly, and sellers could push the token back toward the $0.083 support area. The coming trading sessions therefore look like a decision point: either $ENA confirms its breakout attempt with a close above resistance, or the rally loses momentum and gives back part of its recent gains.

Taken together, whale staking, rising participation, and firmer technical indicators present a token building momentum from several angles at once, with on-chain activity and price action moving in the same direction. Whether that alignment is enough to clear $0.098 will likely depend on whether buyers can continue defending the $0.09 line in the sessions ahead.

FAQ

What recent price levels has Ethena's $ENA token defended?

$ENA recently defended the $0.078 support level and is trading around $0.093 near a local high.

How has whale staking influenced Ethena's $ENA token market?

A whale wallet staked 40 million $ENA tokens, reducing liquid supply and potentially easing selling pressure, which strengthens market confidence.

What technical indicators suggest a bullish trend for $ENA?

The Directional Movement Index rose to 25 and the Average Directional Index reached 21, indicating building bullish momentum for $ENA.

What are the key resistance and support levels for $ENA to watch?

The next major resistance level is $0.098, with important support at $0.09 and a lower support at $0.083 if prices retrace.

Article produced with the assistance of artificial intelligence and reviewed by the editorial team.