ENA Rises 3.5% on OKX Listing, Whale Activity

Ethena’s ENA token demonstrated remarkable resilience in the cryptocurrency market, climbing 3.51% to $0.7052 within 24 hours despite facing a weekly decline of 9.71%. This recovery was accompanied by a substantial 34.92% surge in trading volume, reaching $605.37 million, while the token’s market capitalization increased by 3.92% to $4.84 billion. The heightened activity signals renewed investor interest and market confidence in the DeFi asset.

The momentum received a significant boost from OKX exchange’s confirmation of Ethena listing against Tether’s USDT. Trading commenced at 07:00 GMT, with withdrawals scheduled to open at 10:00 GMT. This strategic listing is expected to broaden market access and attract additional liquidity, potentially influencing both short-term and medium-term price action for ENA. The expansion to major exchanges like OKX typically enhances token visibility and trading opportunities for both retail and institutional investors.

On-chain activity revealed a fascinating dichotomy in large-scale ENA movements. Corporate entities showed signs of profit-taking as Parafi Capital deposited 4.08 million ENA (approximately $2.88 million) to Binance, while FlowDesk transferred 5.03 million ENA (roughly $3.51 million) to the same exchange. These institutional movements suggested some large investors were trimming their positions amid the price recovery.

Countering this institutional selling, whale accumulation emerged as a dominant bullish force. A newly created wallet secured 6.015 million ENA, valued at approximately $4.3 million, through Amber. Simultaneously, another wallet identified as address 0x9c7 accumulated 6.72 million ENA, worth about $4.75 million, directly from Binance. These contrasting flows indicate that while some large investors are reducing exposure, new buyers and whales are positioning aggressively, signaling strong confidence in ENA’s near-term trajectory and potential for further appreciation.

Technical analysis reveals ENA forming a clear ascending triangle pattern, signaling a bullish setup that has been developing since early August. The ascending trend line has consistently supported higher lows, maintaining the pattern’s integrity. At the current price of $0.7039, ENA remains above the ascending support region, adding strength to the argument for continued upside pressure.

Key technical levels provide clear guidance for traders and investors. Immediate support lies at $0.6900, closely aligned with the trendline, while a breakdown could see the token testing $0.6400. Resistance first appears at $0.7500, representing the near-term barrier, followed by a higher barrier at $0.8566. A breakthrough above this ceiling would validate the ascending triangle pattern and potentially trigger additional upside momentum.

Volume analysis remains bullish for buyers, with weaker selling pressure observed during recent corrections compared to previous rallies. As long as ENA maintains its position above the $0.6900 support level, investors can anticipate potential advances toward the $0.7500 and $0.8566 resistance targets, positioning the token for possible medium-term strength in the evolving cryptocurrency landscape.