An Ethena-linked wallet moved 170 million ENA, worth about $14.09 million, to FalconX one hour ago, in a transfer that onchain analytics account Onchain Lens said likely prepared the tokens for an over-the-counter (OTC) sale. FalconX is an institutional digital-asset trading and prime brokerage firm. Ethena is the decentralized protocol behind USDe, a synthetic dollar backed by crypto collateral and offsetting short perpetual futures positions, and ENA is its native token.

The transaction came as analyst Ali monitored ENA's $0.081 support level, following repeated rebounds from the token's rising channel trendline. Four bounces off that trendline since June have produced gains ranging from 8.5% to 28.8%.

$14M ENA Transfer Reaches FalconX

According to Onchain Lens, the wallet likely links to the Ethena team. The address originally received ENA from Ethena's Gnosis Safe last year and later deposited 170 million tokens to FalconX, the onchain tracking account reported on X. Onchain Lens valued the transfer at approximately $14.09 million. OTC desks such as FalconX are a frequent destination for large token transfers because they let sizable positions change hands between counterparties away from public exchange order books, limiting the immediate market footprint of a large sale.

The transfer occurred while ENA traded near $0.084. Price remained below the 50-day moving average near $0.086, although the token sat around its 200-day moving average near $0.084, two of the most widely followed trend benchmarks among chart analysts. That leaves ENA close to a key technical level after its latest pullback.

Ali Watches $0.081 Support Level

Analyst Ali identified $0.081 as the key support level in the current setup. Since June, each test of ENA's rising trendline within its ascending channel has produced a rebound, and those four rebounds delivered gains of 16.5%, 28.8%, 8.5%, and 24.8%.

Ali said another hold at $0.081 could bring the mid-range level near $0.092 into focus. He also identified the channel's upper area around $0.104 as another level to watch.

The latest price remains below the $0.086–$0.089 recovery area, a resistance range that sits near the 50-day moving average. A move above it would place $0.095 and $0.099 among the next chart levels.

ENA Holds Near Major Moving Averages

ENA previously peaked around $0.137–$0.138 in early May before entering a steep decline. The sell-off accelerated into June, taking price toward $0.074–$0.075. The token then recovered toward $0.094–$0.095 in late July and early August, although that rebound failed to establish a sustained higher high.

The supplied analysis places the next upside levels at $0.099 and $0.109. On the downside, losing $0.080 could expose ENA to the June lows. Daily active addresses, a gauge of onchain user activity, currently stand near 372, and the chart also shows unusually large activity spikes during June.