Ethena whales face huge losses in lock-up, but may miss out on a rebound opportunity!

Despite a trading surge of 85% in the past 24 hours, the price of Ethena (ENA) has dropped nearly 7.6%, leaving the market filled with turbulent uncertainty.

Are whale sell-offs a wise stop-loss or an early escape?

A major whale purchased 15.47 million ENA at $0.404, later unstaked and transferred 12.16 million ENA to the exchange at $0.347, locking in a loss of about 13%, equivalent to $817,000. Cumulatively sold over 15.66 million tokens, with a market value of $5.43 million.

Another whale is betting on ENA, PEPE, and NEAR bullishly, while depositing over ten million dollars in stablecoins, with a holding cost reaching $400,000.

Price tightening, rebound signals flickering

The current price of ENA is $0.353, slightly above the upper boundary of the descending channel, indicating a potential rebound. If it can hold the support at $0.35, it might surge to $0.50 or even $0.80; if it breaks, it could fall back below $0.28.

MACD shows neutral market momentum, with buying and selling forces entangled; the key lies in whether the price can break through the descending pressure line.

Stablecoin supply surges, is history repeating itself?

The supply of Ethena's stablecoin USDe surged by $300 million in a week, similar to the situation in October 2024 when it skyrocketed from $0.25 to $1.25.

If history replicates, this may indicate that ENA is about to welcome a strong counterattack, attracting high-yield-seeking investors' attention.

The whale's exit might just be a part of the fluctuations; the real reversal signal may be on the horizon.