Ethena (ENA) Price Trajectory: Navigating Whale Selling Pressure and Bullish Momentum

Ethena (ENA) has emerged as a focal point in the DeFi landscape, but its short-to-mid-term trajectory remains a tug-of-war between bearish whale distribution and bullish technical and on-chain signals. As of late September 2025, the token faces critical junctures that could determine whether it sustains its rally or succumbs to selling pressure.

Whale Selling Pressure: A Double-Edged Sword

According to on-chain data, Ethena has experienced significant whale outflows in recent weeks. Over 140 million ENA tokens—valued at $22.65 million—were deposited into Binance alone, with a single wallet transferring 5 million ENA ($3.81 million) in a single transactionEthena price prediction: Can ENA hit $1 as whales keep selling?^[1]. These movements signal heightened distribution risks, as large holders appear to capitalize on elevated prices post-Binance's USDe stablecoin listingEthena (ENA) Dips Toes Into Hyperliquid Ecosystem^[3]. Such inflows to exchanges often precede selling, raising concerns about short-term volatility.

However, retail and mid-tier investors have absorbed a portion of this pressure. Over $500,000 in short positions were liquidated in a 24-hour period, suggesting retail buyers are stepping in to counter bearish momentumEthena price prediction: Can ENA hit $1 as whales keep selling?^[1]. This dynamic creates a fragile equilibrium, where whale selling is partially offset by retail demand.

Technical Indicators: A Path to $1.00?

Despite the bearish backdrop, ENA's technical profile offers a counter-narrative. The token has broken above a descending trendline and tested the $0.7612 resistance level, a key Fibonacci zoneENA Climbs 11% in a Week: Key $0.7612 Resistance ...^[2]. A sustained close above this level could trigger a retest of August highs and a move toward $1.00, as bulls aim to complete a cup-and-handle patternLatest Ethena (ENA) Price Analysis^[5].

On the 4-hour chart, ENA recently breached a falling wedge at $0.65, pushing to $0.69, with the next critical resistance at $0.7738Ethena price prediction: Can ENA hit $1 as whales keep selling?^[1]. Analysts argue that a breakout above $0.85 would validate the bullish case, potentially unlocking targets of $1.00–$1.25Ethena Holds $0.65 Support as Analysts Eye 50x Upside^[6]. The Relative Strength Index (RSI) and MACD also suggest easing selling pressure, hinting at a possible trend reversalEthena Holds $0.65 Support as Analysts Eye 50x Upside^[6].

On-Chain Fundamentals: Stability Amid Chaos

Ethena's Total Value Locked (TVL) has surged to $12.76 billion, reinforcing its role as a leading stablecoin-native governance platformLatest Ethena (ENA) Price Analysis^[5]. This growth, coupled with a $360 million buyback program, has reduced circulating supply and incentivized long-term holdersEthena (ENA) Dips Toes Into Hyperliquid Ecosystem^[3]. Additionally, Ethena's on-chain fees have outpaced Circle's, earning $67.94 million in a weekEthena price prediction: Can ENA hit $1 as whales keep selling?^[1], underscoring its utility in the DeFi ecosystem.

Arthur Hayes, co-founder of BitMEX, has highlighted Ethena as a “once in a century” opportunity, projecting a 50x upside by 2028Ethena Holds $0.65 Support as Analysts Eye 50x Upside^[6]. While ambitious, this optimism is grounded in the protocol's expanding fee structures and revenue-sharing model, which could stabilize ENA against large sell ordersEthena (ENA) Price Prediction 2025, 2026-2030^[4].

Balancing the Scales: Can Bulls Prevail?

The critical question for investors is whether bullish momentum can overcome whale distribution. While selling pressure remains elevated, the combination of strong on-chain activity, strategic buybacks, and technical setups creates a compelling case for resilience. A successful breakout above $0.7612 would not only validate the cup-and-handle pattern but also signal institutional confidence in Ethena's long-term value.

However, risks persist. If whales continue offloading ENA at a pace exceeding retail absorption, the token could retest support at $0.6551ENA Climbs 11% in a Week: Key $0.7612 Resistance ...^[2]. Investors should monitor whale inflows and open interest in derivatives markets, as a 7.54% drop in 24-hour open interest suggests some bearish fatigueEthena Holds $0.65 Support as Analysts Eye 50x Upside^[6].

Implications for Investors

For position management, investors holding ENA should consider partial profit-taking if the $0.7612 level is breached, while those with a bullish bias may accumulate dips near $0.65–$0.75 support zonesEthena price prediction: Can ENA hit $1 as whales keep selling?^[1]. New entrants should wait for a confirmed breakout above $0.85 before committing capital, as this would signal a shift in market sentiment.

Conclusion

Ethena's short-to-mid-term trajectory hinges on the interplay between whale selling and bullish fundamentals. While distribution pressures are undeniable, the token's technical and on-chain strength offers a viable path to $1.00. Investors must remain vigilant, balancing optimism with caution as the market navigates this critical phase.