Ethena Whales Stake Big Ahead of $0.098 Breakout Test

Whale activity has strengthened market confidence in Ethena (ENA), with a large investor staking 40 million tokens worth around $3.71 million. The whale immediately staked every token after withdrawing them from Coinbase, reducing the liquid supply and easing short-term selling pressure.

The recent move comes as ENA continues to attract attention, defending a key support level and extending its recent gains. Strong buying interest has pushed ENA close to another important resistance zone, with the price trading around $0.093 at the time of writing.

Technical indicators are also supporting a bullish outlook for ENA, with the Directional Movement Index showing improving strength and the Stochastic Momentum Index indicating a bullish crossover. The next major test for ENA sits near $0.098, but holding above $0.09 remains crucial to maintain the current bullish structure.