A major holder just locked 40 million ENA tokens worth $3.71 million into staking contracts, pulling the coins straight off exchanges. The move comes as the token bounced off the $0.078 support level and now trades around $0.093, up 3.7% over the past day and 10% for the week.
Trading volume jumped 9.5% to $146 million, suggesting real participation rather than thin, easily reversible moves. When volume climbs during a price rally, it usually means conviction behind the advance.
Staking Accelerates Sharply
The whale's deposit sparked a broader staking wave. Total staked ENA tokens hit 7.58% of supply in just three days, with holdings now hovering near 1.1 billion tokens worth roughly $104 million. That kind of lock-up typically removes selling pressure and can shift market psychology toward scarcity.
Technical indicators are building momentum too. The Directional Movement Index sits near 25, while the Average Directional Index reads 21, both pointing toward continued upside toward the $0.098 resistance level. The setup isn't extreme, but it's clearly constructive after the recent support hold.
This article is informational only and should not be taken as financial advice. Crypto markets remain highly volatile.
