Ethena's ENA token touched $0.28 on September 26, its highest level since December 2025, after the protocol expanded its USDe yield reserve into real-world assets on Binance. A whale accumulated $5.13 million in ENA during the rally, and momentum indicators point toward a possible push past $0.30, even as trading activity cooled sharply the next day.
ENA climbed to a high of $0.28 on September 26, a level the token had not touched since December 2025. The move followed Ethena's launch of a USDe yield reserve expansion into real-world assets on Binance, using Binance bStocks and USDT-dominated perpetual contracts.
The rally did not fully hold. ENA retraced to trade around $0.27 at press time. By September 27, trading activity had plunged 57%, reflecting reduced market activity.
Whale grabs $5.13 million in ENA
While overall trading cooled, large holders kept buying. Lookonchain reported that a whale withdrew 18.34 million ENA worth $5.13 million from Gate, Bybit, OKX, and Binance. Withdrawals of this kind during an uptrend often signal that whale investors expect the rally to continue.
Demand holds steady across the market
Beyond whale activity, broader demand has stayed firm. According to DefiLlama data, protocol inflows have remained elevated for the past three days, with $24 million added on September 27 compared with $30 million the previous day.
Exchange flows point the same way. Ethena has recorded negative spot netflow for the past three days. Over the last 24 hours, the token saw $48 million in spot outflows against $46 million in inflows, leaving a net outflow of about $1.97 million.
Can ENA flip $0.30?
Momentum indicators back up the case for further upside. The Stochastic Momentum Index climbed to 80, an overbought reading that suggests bulls hold an influential grip on the market. At the same time, the positive DMI index rose to 43 while the negative index fell to 6, confirming trend strength.
If sentiment stays bullish, Ethena could reclaim $0.28 and target a flip of the $0.30 resistance level.
Source: AMBCrypto
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