Ethena (ENA) appears to be at a pivotal juncture, with a convergence of on-chain, technical, and derivatives market data strongly suggesting a brewing structural rebound. After months of compression, multiple indicators point towards aggressive accumulation and growing confidence among informed market participants, potentially signaling an end to its prolonged downtrend.
Signs of Strategic Accumulation
The ENA market is currently witnessing significant net outflows from exchanges, a crucial indicator that tokens are being moved to off-exchange holdings rather than being sold. This persistent trend tightens sell-side liquidity and reinforces the narrative of sustained accumulation at current price levels. Further bolstering this sentiment, a prominent Ethena-linked wallet recently acquired 25 million ENA, bringing its total holdings to over 285 million ENA. This substantial whale activity underscores deepening conviction among large stakeholders, particularly as ENA trades near a critical demand zone, suggesting a strategic positioning for a future upturn.
Technical Reversal and Derivatives Insights
From a technical perspective, ENA is showing early signs of recovery, stabilizing within its multi-month descending channel and demonstrating a constructive rebound from its lower boundary. The Relative Strength Index (RSI) is also trending upwards, indicating a nascent recovery in momentum after an extended period of exhaustion. Complementing these technical signals, Taker Buy CVD (Cumulative Volume Delta) has shown consistent strength over the past 90 days, revealing that buy orders continue to outweigh sell orders in the derivatives markets. This buyer dominance, even amidst a broader downtrend, often suggests that informed traders are actively building positions. Moreover, Open Interest has climbed, signaling increased speculative exposure and a shift towards bullish positioning among leveraged traders, further strengthening the case for an imminent directional shift.
