TLDR
- ENA wallets holding 10K–100K tokens show reduced activity after profit-taking in August.
- Price found solid support near $0.48 after falling from the $0.75 local top.
- ENA trades in a narrow band between $0.47 and $0.56, signaling consolidation.
- Sustained move above $0.56 could target $0.65, while a drop below $0.47 risks $0.42.
The ENA price is currently consolidating between $0.47 and $0.56 after an extended correction that followed months of strong bullish momentum. Market behavior suggests that mid-tier holders, those owning between 10,000 and 100,000 ENA, have been actively influencing short-term price direction. Recent on-chain data shows alternating periods of accumulation and distribution, a pattern often seen before decisive moves. This mix of cautious buying and gradual selling has left the market at a crossroads, waiting for confirmation of its next trend.
ENA Price Shows Phases of Accumulation and Distribution
The latest on-chain data shows a clear connection between ENA price swings and the activity of mid-sized wallets. In late July, wallet holdings in the 10,000–100,000 ENA range grew steadily, pushing the price higher as traders accumulated positions. This trend suggested renewed confidence among investors who viewed ENA as undervalued following earlier pullbacks.
ENA/USD Chart | Source: X
By mid-August, the scenario changed. As the price peaked near recent highs, wallet balances began to drop, signaling profit-taking behavior. The reduction in holdings directly coincided with a shift in momentum, leading to a downward correction. These alternating accumulation and distribution cycles reflect the cautious sentiment dominating the ENA market.
Price Action Suggests a Broader Structural Shift
Furthermore, the 4-hour ENA/USDT chart shows a noticeable transition from an uptrend to a structured consolidation pattern. The pair broke out of a descending channel in late June, initiating a powerful rally that lifted ENA from roughly $0.36 to the $0.75 region. This rally formed successive higher highs, confirming bullish control during much of July and August.
ENA/USD 4H Chart | Source: X
That momentum, however, did not last. In early September, the market moved into a broad distribution zone between $0.75 and $0.68, where sellers began to dominate. The resulting breakdown triggered a sharp retracement toward $0.48, an important liquidity level that previously acted as support during mid-July accumulation phases.
Consolidation Emerges Near Key Support Levels
In addition, following the correction, ENA settled into a tight consolidation range visible between $0.47 and $0.56. This area has become a clear battlefield between buyers seeking re-entry and sellers securing profits. The recent break above the descending trendline hinted at a possible recovery, yet momentum remains limited, leaving traders uncertain about the next decisive move.
Market analysts suggest that sustained trading above $0.56 could confirm renewed strength, with $0.65 serving as the next key resistance. Conversely, losing the $0.47–$0.48 support range might trigger a deeper slide toward $0.42, extending the bearish pressure seen in recent weeks.
On-Chain Metrics Indicate a Pause Before the Next Move
Even so, wallet activity has started to flatten out, showing little increase or decline in holdings among the 10,000–100,000 ENA tier. This leveling behavior often marks a pause in market sentiment, suggesting that traders are waiting for clearer signals before taking larger positions.
If accumulation resumes, ENA price could attempt a rebound toward the upper resistance zone. But if wallet balances continue to shrink, selling pressure could intensify, dragging the price below current support levels. For now, the market remains caught between indecision and anticipation, a phase that may soon resolve into either a bullish recovery or another leg down.
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