$ENA IS TRYING TO RECOVER — BUT $0.09 IS STILL A BIG TEST
Ethena is showing some signs of recovery after buyers stepped in near the lower support area. But a large wallet movement has created a new concern for traders.
Around 170 million ENA, worth roughly $14 million, was moved from an Ethena-linked wallet to FalconX. This does not automatically mean the tokens were sold, but it does raise the possibility of more supply entering the market, including through OTC deals.
At the same time, ENA recorded around $375K in positive exchange netflows. In simple terms, more ENA moved into exchanges than out of them. That can sometimes mean additional tokens are becoming available for selling.
BUYERS ARE STILL DEFENDING SUPPORT
Despite the supply concerns, ENA has not completely lost its recovery structure.
Buyers managed to defend the rising support area, with price holding around $0.0817 before recovering toward $0.0842.
The bigger support structure started from the July low near $0.0700, so maintaining this upward trend is important.
RSI also improved to around 47, showing that momentum is recovering. However, RSI is still below its moving average and the 50 level, meaning buyers have not gained full control yet.
$0.085–$0.087 COULD BE THE NEXT TEST
If ENA continues holding above $0.0817, the first important upside area is around $0.085.
Above that, liquidation liquidity appears concentrated around $0.0865–$0.087, which could attract price if buying pressure increases.
The major resistance remains around $0.0900. A clean break above this level would make the recovery much stronger.
But if buyers lose $0.0817, the bullish structure could weaken and ENA may revisit around $0.0768.
For now, ENA is caught between recovering demand and fresh potential supply. If buyers absorb the incoming supply, $0.085–$0.087 becomes the next important zone, with $0.09 acting as the bigger breakout test.
$LIT 📈 Why LIT’s $3 target faces THIS test despite institutional demand LIT’s institutional positioning strengthened, but positive spot netflows could challenge its developing breakout structure.
Lighter’s [LIT] institutional activity continued to grow, with one institution depositing 3.35 million LIT valued at about $7.83 million into Lighter.
According to Onchain Lens, the institution had withdrawn most of those holdings from centralized exchanges during the previous week. In particular, the institution removed 2.92 million LIT from OKX and another 468,620 LIT from Bitstamp.
Consequently, the movements reduced the institution’s exchange-held supply before its heavy Lighter deposit. The transaction, however, did not necessarily indicate a firming up of overall market demand. To sustain a recovery, spot buyers and general trader involvement were needed.