Ethena (ENA), the governance token for the synthetic dollar protocol behind USDe, is testing a critical support area near $0.085 after a large wallet transfer drew attention while the token was already trading close to an important near-term price level.

The transfer, involving 290 million ENA worth about $26.4 million, prompted concerns about possible selling pressure. However, market data showed that the broader response remained measured, with no immediate confirmation that the movement had translated into spot-market selling.

ENA trades near key support after large wallet movement

Ethena was trading at $0.08695, down 2.4% over the previous 24 hours, after moving between $0.08530 and $0.09125 during the session.

Despite the daily decline, ENA remained up 8.3% over seven days and 11.1% over the previous two weeks, indicating that the token had recovered part of the losses recorded earlier in the year.

The latest focus came after a wallet linked to Ethena's Coinbase custody holdings transferred approximately 290 million ENA, valued at about $26.4 million, to another wallet that had previously interacted with cryptocurrency exchanges.

Today, Ethena's Coinbase custody wallet (0x631) transferred 290m $ENA , worth $26.41m, to the personal wallet 0xfDD. Based on its transaction history, wallet 0xfDD typically transfers ENA to personal wallets, which are then used to sell the tokens on Binance and Coinbase.… pic.twitter.com/jkB8dFUNEG — Nazoku (@Nazo_ku) July 23, 2026

Transactions of this scale often attract attention because they can precede deposits to exchanges and increased selling activity. In this case, however, the transfer did not immediately produce a wave of selling.

Market data showed that exchange netflows remained negative, meaning more ENA continued to leave exchanges than enter them. That indicated the wallet movement had not yet become confirmed selling pressure in the spot market.

As a result, the transfer has become a signal being monitored by traders rather than confirmation of a bearish trend. The next point of focus is whether additional transfers to centralised exchanges occur in the coming sessions.

Trading volume falls as price declines

A decline in trading activity was another notable market development.

ENA recorded approximately $89.4 million in 24-hour trading volume, while recent market data showed that daily trading activity had dropped by more than 40% compared with previous sessions.

Lower volume during a price decline often suggests that sellers are becoming less aggressive rather than increasing their activity. While that does not ensure a reversal, it also means the recent weakness was not accompanied by unusually strong market conviction.

Historical price data provides further context for the current setup. ENA reached an all-time high of $1.52 in April 2024 but was trading about 94.3% below that level.

At the same time, the token remained roughly 23.4% above its all-time low of $0.07023, which was recorded on June 30, 2026.

Those figures show that ENA continues to trade much closer to its recent lows than to its previous peak, making the current support region particularly important for short-term price direction.

Traders focus on the $0.085 level

From a technical perspective, $0.085 has emerged as the most important near-term support level for ENA.

A sustained move below that area, particularly if accompanied by rising trading volume, would increase the likelihood of a decline toward the next major support area near $0.080.

On the upside, resistance is beginning to form between $0.093 and $0.096. Price data also shows a concentration of short liquidation levels just above $0.093.

A successful move through that region could trigger additional buying if short positions are forced to close. For now, ENA remains between these two technical zones, leaving traders focused on confirmation rather than anticipation.

Bitcoin remains an external factor for ENA

Beyond Ethena-specific developments, Bitcoin continues to influence ENA's short-term outlook.

Market participants are watching whether Bitcoin can remain above $64,000, as broader weakness in the largest cryptocurrency has weighed on the digital asset market.

If Bitcoin stabilises, buying interest could return to several altcoins, including ENA. Conversely, continued weakness in Bitcoin would increase pressure on support levels that are already being tested.

That makes Bitcoin's price action an important external factor alongside the developments surrounding the large ENA wallet transfer.

Ethena also continues to maintain strong protocol activity, with approximately $3.992 billion in total value locked (TVL). That figure reflects the capital backing the protocol's USDe synthetic dollar product, which generates yield through delta-neutral staking strategies. While TVL remains substantial relative to other DeFi protocols, traders are currently placing greater emphasis on price action, exchange flows, trading volume, and wider market conditions when assessing ENA's next move.

For now, attention remains fixed on three developments: whether the $0.085 support level can hold, whether the 290 million ENA wallet transfer eventually results in meaningful exchange deposits, and whether Bitcoin can provide enough market stability to support a broader recovery.

Source: CoinJournal, https://coinjournal.net/news/ethena-price-prediction-can-ena-hold-0-085-after-26-4m-whale-wallet-transfer/