Ethena (ENA) is attracting attention after a sharp increase in realized profits coincided with rising whale activity, according to Santiment Intelligence. The development raises questions about whether large holders are securing gains or preparing for further market moves.
Meanwhile, crypto analyst Giannis Andreou has identified a potential recovery setup near the $0.196 Fibonacci retracement zone, putting renewed focus on whether buyers can defend support amid increasing profit-taking activity.
Santiment Reports Record Hourly ENA Profits
According to Santiment Intelligence, Ethena recorded $17.7 million in realized profits within a single hour, marking its largest hourly spike of 2026.
The development indicates substantial profit realization among market participants. However, the metric alone does not confirm that selling pressure will continue or that ENA has reached a market top.
Source: Santiment Intelligence’s X Post
Realized profits reflect gains secured by holders, while Santiment also reported that transactions worth at least $100,000 have climbed steadily in recent weeks.
This suggests increased activity among large ENA holders during heightened volatility. Whether these transactions represent selling, accumulation, or wallet transfers remains uncertain without additional on-chain evidence.
Also Read: Ethena Whale Activity Puts ENA Price in Focus as Market Momentum Builds
Whale Activity Raises Concerns About ENA
The simultaneous increase in realized profits and large transactions has made whale behavior important to the ENA price’s near-term outlook. If large holders continue securing gains, additional supply could enter the market and challenge recovery attempts.
However, transaction values alone cannot establish whether whales are selling, accumulating, or transferring tokens between wallets.
Exchange flows, wallet balances, and subsequent price action could help clarify these movements. If the ENA price maintains support despite continued whale activity, buyers may be absorbing selling pressure.
Conversely, rising realized profits alongside weakening prices could indicate persistent distribution. For now, Santiment’s observations highlight increased activity rather than a confirmed bullish or bearish reversal.
ENA Technical Analysis Highlights $0.196 Support
Crypto analyst Giannis Andreou identified $0.196 as a key level after ENA’s daily chart reacted near the 0.618 Fibonacci retracement zone.
The analyst believes a return to this area could offer another recovery opportunity if the token holds support and consolidates before attempting an upward move.
Source: Giannis Andreou’s X Post
The setup depends on buyers defending the retracement zone rather than allowing the price to break lower. Andreou identified $0.215 and $0.233 as potential recovery targets, followed by a possible revisit of previous highs near $0.294 if upward momentum continues. These levels remain conditional on price confirmation.
Analyst Identifies Recovery Targets and Downside Risk
Andreou’s analysis outlines a potential recovery from $0.196 toward $0.215 and $0.233. If the ENA price advances through these levels, the analyst sees the possibility of revisiting $0.294. However, this scenario depends on support holding and should not be interpreted as a guaranteed outcome.
The analyst identified $0.183 as a critical downside level. A break below it would weaken the bullish setup and undermine expectations for a sustained recovery.
Meanwhile, Santiment’s findings introduce another variable, as continued profit-taking among large holders could limit upward momentum even if the technical structure initially remains intact.
What Comes Next for ENA?
ENA’s next move will depend on whether buyers defend $0.196 and whether large-holder profit-taking begins to ease.
A successful retest followed by a move above $0.215 would support Andreou’s recovery scenario, while $0.233 would become another important level. Continued whale activity could increase volatility and complicate the rebound.
A breakdown below $0.183 would weaken the bullish outlook and raise concerns about further downside. Traders will monitor price action and on-chain activity to assess whether selling pressure is fading.
Santiment’s data highlights increased market participation, but ENA’s recovery ultimately depends on demand, support confirmation, and changing holder behavior.
Also Read: Ethena Expands Ecosystem Growth as ENA Price Setup Gains Attention
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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