While the broader crypto market is in a retreat, Ethena (ENA) is catching the attention of traders with a notable rally. In the last 24 hours, the token has climbed nearly 20%, fueled by a combination of on-chain data and technical analysis that points to a potential breakout.
A key driver of ENA's recent strength is the behavior of large investors, commonly known as "whales." According to data from Nansen's dashboard, ENA whale holdings have jumped 8.15% in the past week, a significant increase that suggests big players are accumulating the token while other parts of the market are struggling.
This accumulation is complemented by a drop in exchange balances. Over the past seven days, over 1 billion ENA tokens have been withdrawn from exchanges, moving into private wallets. This trend is typically interpreted as a bullish sign, as it indicates that holders are planning to keep their tokens for the long term, reducing the immediate selling pressure on the market.
On the technical side, ENA's chart reveals a bullish divergence between its price and the On-Balance Volume (OBV) indicator. While the price has formed a lower high, the OBV has created a higher high, suggesting that buying pressure is stronger than the price action initially shows.
This type of divergence often precedes a price breakout. The combination of strong whale accumulation, steady exchange outflows, and a bullish OBV signal suggests that ENA may be gearing up for a significant upward move.
For those watching the crypto markets, ENA's recent performance offers a compelling case of a token building momentum despite wider market weakness.
July 2025, Cryptoniteuae