A fresh Coinbase-funded wallet just pulled 40 million ENA off the exchange and immediately staked the entire haul. The move, worth roughly $3.71 million at current prices, signals a shift in how big holders are playing the token. Instead of hoarding liquid supply, whales are now chasing staking yields.
ENA has been on a tear since bouncing off $0.078 support several days back. The token climbed to $0.094, pulled back slightly, and now trades around $0.093, up 3.7% on the day and 10% over the past week. Trading volume surged 9.5% to $146 million, showing real participation behind the move.
The staking activity is spreading. Over the past three days, staked ENA holdings jumped to 7.58% of total supply, reaching 1.1 billion tokens worth about $104 million. The number of staking addresses ticked up to 27,174, though the gain was marginal. What matters more is the signal: holders are locking tokens away, reducing immediate selling pressure and betting on longer-term gains.
Technical setup points higher
The charts support continued upside. The Directional Movement Index shows +DI climbing to 25 while ADX hit 21, both signs that bullish momentum is gathering steam. The Stochastic Momentum Index formed a bullish crossover two days ago and remains in upward trajectory. If buyers keep the upper hand, ENA could hold $0.093 and push toward $0.098.
The key level to watch is $0.09. A daily close above it locks in the bullish setup and encourages more buying. Lose that level, and expect another leg down to $0.083 support. The token's next target sits at $0.098, but only if the current momentum sticks.
This article provides market information and analysis. It is not financial advice or a recommendation to buy, sell, or hold any asset.
