ENA Price Poised for 25% Rally Despite Whale Dumping

Current Price Momentum

This substantial token movement from wallets to exchanges has the potential to create selling pressure and drive the price lower. However, despite this, the ENA price moved in the opposite direction, registering a gain of over 8% in the past 24 hours and currently trading near $0.38. During the same period, its trading volume surged by 160%, indicating heightened participation from traders and investors compared to the previous day.

Despite the offloading of 148 million ENA tokens onto exchanges, some investors and long-term holders have been accumulating the tokens, according to on-chain analytics firm Coinglass.

Data from spot inflow/outflow revealed that exchanges have witnessed an outflow of a significant $19 million worth of ENA tokens in the past 48 hours. Such outflows from exchanges indicate potential accumulation amid price drops and could create buying pressure and upside momentum.

Traders Bullish Bet

Besides the mixed sentiments among whales and long-term investors, intraday traders are also supporting this bullish activity. In the past 24 hours, traders have been over-leveraged at $0.362 on the lower side and $0.386 on the upper side.

Data further revealed that $0.362 is a key level where traders have built $5.50 million worth of long positions, while $0.386 is a level where traders have built $2.17 million worth of short positions. These positions at over-leveraged levels indicate that bulls are dominating and could support ENA in an upcoming rally, helping it recover its price.

ENA Technical Analysis and Upcoming Levels

According to expert technical analysis, ENA has successfully retested its crucial support level of $0.345 and now appears to be rallying upward.

Based on historical price patterns, if the asset holds this level and closes a daily candle above $0.345, there is a strong possibility it could soar by 25% to reach the $0.50 level in the coming days.