Ethena's native token, ENA, has surged over 12% in the past week, outperforming many altcoins. With risk appetite recovering in the crypto market, an on-chain transfer of 290 million ENA has drawn market attention back to large-scale holdings.
The transfer of 290 million ENA tokens has attracted attention.
According to on-chain tracking account Nazoku, approximately 290 million ENA tokens were transferred from an Ethena-related Coinbase Prime custodian wallet, valued at approximately $26.4 million, to another address.
This transfer quickly sparked market speculation, but there is currently no indication that the tokens in question have entered exchange wallets. The report points out that such large transfers from custodial wallets are common for institutional position adjustments, fund management, liquidity arrangements, or off-exchange settlements, and do not necessarily indicate an impending sell-off.
After the price breaks through, the target is $0.13 to $0.14.
From a price perspective, ENA recently rebounded after stabilizing in the $0.083 to $0.085 range, breaking through a downtrend line that had persisted for several months. The report suggests this move ends the downward trend in highs that began in May.
Meanwhile, trading volume improved, and price lows gradually rose, indicating increased short-term buying pressure. The $0.13 to $0.14 range is considered a major resistance zone, where ENA has previously encountered selling pressure multiple times.
The market is shifting its focus to observe subsequent actions.
If prices continue to hold above the breakout range, market focus will shift to whether the rebound can continue. Conversely, the broken trendline and the area around $0.085 will become the primary support levels to watch.
The report argues that this rally was not driven by a single event, but rather by a combination of improved risk appetite and increased large-scale holdings. Going forward, the market will primarily observe two factors: whether further large-scale transfers will occur, and whether buying pressure can sustain the ENA above its current upward range.
