Ethena’s ENA token popped nearly 10% in the last 24 hours as buyers stepped in around key support, signaling renewed interest from larger market participants.
Price action and positioning
- ENA traded around $0.1036 on March 1 after bouncing back from sub-$0.10 lows, prompting fresh derivatives activity and a closer look at positioning metrics (TradingView).
- The $0.10 area has shown resilience, acting as a short-term floor with three recent reaction lows. At the time of writing, price was hovering in the $0.103–$0.104 range (TradingView).
Derivatives and whale behavior
- Aggregated Open Interest for ENA climbed to roughly $110.5 million, per Coinalyze, rising modestly as price stabilized. Rising OI during a rebound typically indicates fresh capital entering positions; here the increase was controlled rather than explosive, suggesting reopened exposure near local support rather than a leveraged squeeze (Coinalyze).
- CryptoQuant’s Spot Average Order Size data recorded periodic spikes in large orders, with notable whale purchases during recent dips. That pattern is consistent with accumulation during weakness, though the overall trend in whale order size remains uneven. Sustained growth in large orders would be needed to confirm stronger conviction (CryptoQuant).
Key levels and outlook
- Overhead liquidity is concentrated around $0.13, an area that lines up with prior breakdown levels. A decisive move above $0.13 could shift near-term momentum higher, while a failure to hold the $0.10 support risks reopening downside (TradingView).
- The current rebound appears driven more by deliberate positioning and accumulation than panic covering, but continuation will depend on steady spot volume and broader market stability.
Bottom line
ENA’s recent bounce — underpinned by controlled rises in open interest and visible whale accumulation — suggests cautious optimism among larger traders. Still, the market needs sustained volume and clearer trend confirmation before bulls can confidently target higher liquidity zones.
Disclaimer: This content is informational and not investment advice. Cryptocurrency trading carries high risk; do your own research before making decisions. © 2026 AMBCrypto
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