While the wider market of cryptography is retired, Ethena (ENA) defies the trend, rallying almost 20% in the last 24 hours and attracting the attention of merchants to all levels.
But what really stands out is the convergence of key signals such as the increase in whale activity, regular exchange outlets and a bullish graphic configuration. All signs suggest that something bigger can brew. Could ENA prepare for a rally in small groups?
The whales engulf Ethena
The most important trend at the moment is that whales are buying and do not sell. According to the Nansen dashboard, Ena Whale Holdings jumped 8.15% in the last seven days. At the current price, this represents nearly $ 1.87 million.
It is a sharp increase, and it occurs while most of the market is stable or broken down. This type of whale behavior generally signals confidence; Large players position themselves for a larger movement.
At the same time, exchange sales drop. During last week, 1.07 billion ENA tokens left the exchanges.
This means that Ethena (ENA) moves in private wallets, not on trading platforms. When this happens, it is often a sign that holders plan to sit tight. Less supply on exchanges means less chances of sale sudden.
In short, the large wallets pick up ENA, and the token is quietly disappearing from the exchanges. It is a strong bullish configuration.
Obv divergence indicates the building of the magnitude below
The graph shows something even more interesting. While the price of ENA has made a high level lower, the volume of balance (REBR) made a high level at the time of writing. This is called upward divergence; This happens when the volume flows suggest that buyers are stronger than the price action shows.
At the time of writing the editorial time, ENA is still inside a convergent corner model and is negotiated almost $ 0.57. The ROV trend is higher, which suggests that the purchase pressure is built below the surface. Buyers intervene quietly, even if the price is consolidated.
This type of divergence often appears before an escape. Combined with whale activity, it shows that accumulation can already be in progress.
The volume of balance (Rev) follows if the volume enters or outside a token, helping to identify hidden trends.
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Corner breakdown could ignite the next leg for ENA’s price, but $ 0.60 is the key
Technically, ENA has been negotiating in a corner since the end of June. However, just to add another validation layer, the graph uses the fibonacci extension tool based on trends. This tool or indicator is used to trace price objectives during an upward trend.
The first point in the Fibonacci extension layout began almost $ 0.22 and extends to a recent swing in more than $ 0.59. Yesterday, ENA fell at $ 0.42, but today it bounces hard and hovers just under the rupture zone.
The large number to watch is $ 0.60. It is the level of extension of 0.5 fibonacci of the recent trend. A clean break above the corner at $ 0.58, followed by the bar of $ 0.60, could unlock a rally to $ 0.65, $ 0.71, or even beyond. Even more with the whale and current volume support.
However, here is the catch. If ENA fails to go out and fall below $ 0.51, the bullish case weakens. This would invalidate the corner break thesis and could trigger a decline.
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