Ethena (ENA) saw a steep 45% drop in April 2024, but a recent purchase of 6 million ENA tokens by a crypto whale has sparked a notable price increase. SpotOnChain reported that the whale withdrew these tokens from Binance at an average cost of $0.848, leading to a 10% surge in ENA's value.

Analysis suggests that this whale's activity could present a favorable buying opportunity, especially considering ENA's price history. After an initial surge of 150% post-listing, external factors such as United States CPI data and geopolitical tensions caused ENA to plummet by more than 45%.

ENA found support at the 38% Fibonacci level during this decline, potentially signaling a good entry point. Technical analysis indicates bullish momentum on the 4-hour chart following a trendline breakout. With resistance near $0.92, closing above this level could trigger a significant price surge of over 30%, targeting $1.2.

Presently trading around $0.90, ENA has seen a 12% increase in the last 24 hours but only a 13% gain in the past week and a 16% decrease in the last 30 days. Additionally, the whale involved in the ENA purchase also holds 2,000 ETH worth $6.26 million and is engaged with Pendle Finance, facing an unrealized loss of more than $584k.