What’s Driving Ethena Price Higher? Whale Activity Offers a Clue

Ethena’s native token ENA has emerged as one of this week’s strongest-performing major altcoins, climbing more than 12% over the past seven days as risk appetite returned to crypto markets. While improving market sentiment along with whale movement has supported the recovery, traders are focusing on whether Ethena price can recover ahead or retrace back to the support zone.

Massive ENA Transfer Puts Whale Positioning Under the Spotlight

On-chain activity intensified after blockchain tracker Nazoku reported that 290 million ENA, valued at approximately $26.4 million, was transferred from an Ethena-associated Coinbase Prime custody wallet to another address. Although the transfer has sparked speculation across the crypto community, it does not necessarily indicate imminent selling. Large custody wallet movements are frequently associated with institutional portfolio management, treasury operations, liquidity provisioning, or over-the-counter settlements rather than exchange distribution.

The receiving wallet has historically interacted with addresses linked to major exchanges, prompting traders to closely monitor future transactions. However, with no confirmed deposits to exchange wallets following the transfer, the movement is currently being viewed as a signal of elevated whale activity rather than confirmed distribution. For investors, the key takeaway is not the transfer itself but the renewed attention from large holders at a time when ENA’s market structure is beginning to improve.

Ethena Price Analysis: Breakout Shifts Focus to $0.14

ENA has delivered one of its strongest bullish signals in months. After establishing a solid base around the $0.083-$0.085 demand zone, buyers successfully pushed the token above its multi-month descending trendline, ending the sequence of lower highs that had dominated price action since May. The breakout has also been accompanied by improving volume and a series of higher lows, suggesting bullish momentum continues to strengthen.

The next major hurdle sits between $0.13 and $0.14, where previous rallies encountered heavy selling pressure. A decisive daily close above this supply zone would confirm a broader trend reversal and could pave the way for a move toward the psychological $0.20 level. On the downside, the broken trendline and $0.085 support now represent the first key demand area. Holding above this region would reinforce the breakout and increase the probability of further upside in the coming sessions.

Market Focus Shifts to Follow-Through

ENA’s recent gains reflect a combination of improving risk appetite and increased activity among larger holders rather than a single market catalyst. Whether that momentum persists will likely depend on two factors: whether additional whale transactions emerge in the coming sessions and whether buyers can maintain the token above its newly reclaimed levels.