Whales Bet Big on Ethena—Is a Breakout Imminent?

Deep-pocketed investors are circling Ethena like sharks scenting blood in the water. On-chain data shows surging whale transactions—the kind that typically precede major price movements.

What’s driving the activity? Some point to Ethena’s synthetic dollar protocol gaining traction while traditional finance struggles with… well, being traditional finance. (Let’s be honest—if banks could innovate, they wouldn’t need blockchain to bail them out.)

Key indicators to watch: Whale accumulation patterns, derivatives open interest, and whether retail FOMO kicks in. When the big players move, the market usually follows—whether it’s toward a breakout or a bull trap remains to be seen.

 Large holder inflows surge vs. outflows surge

Over the past seven days, large holder inflows surged by +2094.41%, but the outflows surged even more significantly by +3953.02%.

The greater surge in outflows suggests that selling pressure outweighs the buying pressure. 

While whales are accumulating ENA, a larger portion of the market is exiting, possibly taking profits or reallocating funds.

This imbalance could indicate that ENA faces stronger selling pressure than buying interest, which may limit price recovery or prevent a breakout above key resistance levels.

Source: IntoTheBlock

ENA price structure: Will it break above $0.38 resistance?

At press time, ENA was consolidating within a price range between $0.32 and $0.38, as shown in the chart. This consolidation phase suggests a potential buildup for a breakout.

At press time, ENA was trading at $0.3301, reflecting a 6.17% decrease over the last 24 hours.  

The Alligator Indicator showed a narrowing of the moving averages, which typically indicates a tightening market ready for a significant move. 

Additionally, the Stochastic RSI was reading 77.47, indicating that ENA was in overbought territory and could soon see a pullback or a corrective move before attempting to break the $0.38 resistance. 

If ENA manages to break above this level, it could move towards the next resistance at $0.50. However, failure to clear $0.38 may lead to further consolidation or a price decline back toward the $0.32 support.

Can rising social dominance fuel price momentum?

ENA’s social dominance spiked to 0.124% at the time of writing, reflecting increased community interest. A rise in social dominance often precedes price movements, as greater market attention can result in buying pressure. 

However, while social dominance is an important metric, it does not guarantee sustained price growth. For a lasting rally, positive sentiment must translate into real buying activity.

Therefore, while social metrics are promising, the market will require continued whale support and buying pressure for a significant breakout.

Source: Santiment

At the time of writing, liquidation data revealed a significant surge in long liquidations totaling $254.99K, compared to $10.76K in short liquidations. 

This imbalance suggests that the market is currently under more selling pressure from liquidated long positions than from shorts.

Typically, when more long positions are liquidated, it can lead to further downward pressure as these positions are forced to sell their holdings.

Can ENA overcome its resistance?

Despite strong whale inflows and rising social dominance, the current market conditions are challenging for ENA.

With 64.36% of holders “out of the money” and significant volatility driven by liquidations, ENA faces substantial selling pressure. 

The path to a breakout above $0.38 seems uncertain, but a strong shift in whale activity or sustained social sentiment could push ENA above this resistance level. 

However, for now, the market remains in a consolidation phase, and ENA’s ability to overcome this resistance will depend on continued buying momentum.