Whale investors are doubling down on Ethena (ENA), sparking speculation about a potential price rally. Recent high-profile purchases and rising demand during price dips have piqued interest in the token’s growing momentum in the market.

Whale Activity Intensifies Around ENA

Spot On Chain, a blockchain analytics platform, reported that Donald Trump’s World Liberty Financial recently purchased 231,726 ENA tokens for $250,000 USDC, further solidifying its bullish stance on the asset. 

After announcing a partnership with @ethena_labs, Donald Trump’s World Liberty Financial (@worldlibertyfi) spent 250K $USDC to buy another 231,726 $ENA 20 minutes ago!Since November 30, World Liberty Financial has spent $45M to buy 6 crypto assets, including:• 8,105 $ETH… https://t.co/qD12WmjT7X pic.twitter.com/PrFmUH4KLH

— Spot On Chain (@spotonchain) December 18, 2024

This adds to the organization’s substantial crypto investments, totaling $45 million across six assets since late November. Among its holdings, ENA now accounts for 741,681 tokens bought at an average price of $1.011, demonstrating confidence in the token’s potential.

In addition to World Liberty Financial, prominent crypto analyst Ali Charts highlighted whale accumulation during a recent price dip. Ali noted that over 36.55 million ENA tokens were acquired during the downturn, indicating robust demand even as prices momentarily retreated.

Price Movements and Market Trends

Ethena’s price has seen notable shifts in recent weeks as per an analysis of Ali’s chart. After climbing from $0.91 to a peak of $1.34, the token faced a sell-off that saw it retrace to $1.08. 

Source: Ali Charts

At publication, ENA trades at $1.16, reflecting a 3.63% gain in the past 24 hours. Besides, the analysis points to key price zones. A support level has been identified around $1.03, where buyers showed strong interest during the recent dip. 

Resistance remains near $1.34, the point of the recent high before the sell-off. Despite the volatility, the current stabilization phase suggests a potential rebound.

Read also: Why Is the Crypto Market Down Today?

Analyst Predictions and Community Sentiment

Crypto influencer Route 2 FI expressed optimism about ENA’s future, recalling the token’s earlier promotion when prices were just $0.30. 

Route 2 FI emphasized ENA’s appeal as a high-yield asset within the decentralized finance (DeFi) space, reinforcing the belief that the token could soon hit $2.

Been in $ENA spot since Pigeon shilled it at like $0.30 some months ago.This coin is going to $2 in a very short time.It is a bet on the casino. People want the highest yield, and Ethena is giving it to them. Study relative strength.

— Route 2 FI (@Route2FI) December 19, 2024

With whale accumulation continuing and market confidence building, Ethena remains a focal point for traders seeking both short-term gains and long-term potential.

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