Ethena Whale Staking Spikes as Price Targets $0.098
Ethena, an altcoin, has maintained strong upside momentum since holding the $0.078 support level days ago. It rallied to $0.094 before retracing slightly and currently trades around $0.093, up 3.7% daily and 10% weekly. Trading volume increased 9.5% to $146 million.
Whales in Ethena have shifted their focus from accumulation to staking for yield. A newly created wallet funded through Coinbase withdrew 40 million ENA worth $3.71 million, then immediately staked the entire amount. This reduced the whale's immediately liquid holdings while generating staking yield.
The activity coincided with a broader interest in staked Ethena and may reduce the liquid supply, potentially limiting near-term selling pressure. However, it does not guarantee stronger price performance. The Directional Movement Index showed +DI rising to 25, while the ADX reached 21, suggesting strengthening bullish momentum.
With bulls retaining control, Ethena could defend $0.093 and target $0.098. However, the token must remain above $0.09 to preserve the bullish setup. A daily close above this level could strengthen buyers' position.