"Crypto Whales Accumulate ENA: 'Buy the Dip' Strategy Drives Price Rally"

Ethena, a blockchain-based transaction tracker, has garnered significant attention from crypto enthusiasts amidst market uncertainty. A recent development has pushed the price of ENA, Ethena's native token, higher. A newly created wallet withdrew 14.51 million ENA tokens, valued at approximately $5.95 million, from Binance, hinting at potential accumulation by crypto whales. This action serves as an example of the "Buy the Dip" strategy, where investors purchase tokens at lower prices, anticipating a future rally.

In addition to this notable withdrawal, investors and long-term holders have been accumulating ENA tokens, as reported by Coinglass. Data from Spot Inflow/Outflow reveals that exchanges have witnessed an outflow of $2.10 million worth of ENA tokens in the past 24 hours. When combined with the substantial token withdrawal, it appears that whales are on a buying spree, creating buying pressure and driving a further price rally.

On-chain analytics firm IntoTheBlock reports that the large transaction volume for ENA has surged by 1,030% in the past 24 hours, and the daily active addresses increased by 64% during the same period. This potentially indicates that whales and institutions are returning and actively participating in the token.

At press time, the major liquidation areas were $0.394 on the lower side and $0.418 on the upper side. Intraday traders have over-leveraged at these levels. If the bearish market sentiment continues and the price drops to $0.394, nearly $6.26 million worth of long positions will be liquidated. Conversely, if sentiment shifts and the price rises to $0.418, nearly $2.44 million worth of short positions will be liquidated. Considering these over-leveraged positions by both bulls and bears, it appears that bulls are currently dominating the asset and could help drive a recovery soon.

At press time, ENA is trading near $0.41, having surged over 4.50% in the past 24 hours. According to AMBCrypto's price analysis, ENA is currently at a strong support level of $0.41, which has a history of significant price reversals. Based on price momentum, if ENA holds above the $0.36