SUI News Today: ENA Whales Buy $46M but Price Slides: Bearish Channel Maintains Grip

ENA Price Faces Bearish Channel Pressure as Sellers Maintain Market Control

Ethena (ENA) has entered a critical bearish phase, with sellers dominating market sentiment amid a broader crypto market slump. Recent data reveals that crypto whales-large investors holding significant token quantities-are quietly accumulating ENA, yet the price remains trapped in a descending channel, raising concerns about further declines. According to a BeInCrypto report, Ethena whales holding 100 million to 1 billion ENA tokens added 0.11 billion units worth $46.2 million in the 24 hours following the Federal Reserve's 25-basis-point rate cut. This accumulation, however, has not translated into a sustained rebound, as the token trades within a falling broadening wedge pattern. A decisive break above $0.49 could signal a bullish reversal, but a drop below the key $0.41 support would expose ENA to a 21% decline toward $0.34, the BeInCrypto report noted.

The bearish bias is compounded by broader market dynamics. Sui (SUI), another major crypto asset, has slid to $2.27, nearing its $2.15–$2.20 support range as token unlock concerns weigh on sentiment, according to a CoinDesk report. This downward pressure underscores a cautious market environment, where fresh supply risks and profit-taking have dampened momentum. Meanwhile, WTI crude oil steadies near $60, with traders eyeing a potential rebound above $60.40 to challenge the $62.38 October peak, according to an FXStreet report. While energy markets remain volatile, the lack of a strong upward move in WTI reflects broader uncertainty, which could spill over into crypto markets.

Analysts warn that ENA's technical outlook hinges on the resilience of its $0.41 support level. A breakdown would invalidate recent whale-driven optimism and align with the broader bearish trend observed in SUI and other assets. The RSI and price alignment have improved slightly, but sustained weakness below $0.45 could reignite selling pressure. With macroeconomic factors and token-specific challenges converging, ENA remains vulnerable to further declines unless buyers step in to defend critical support levels.