Ethena's ENA token is testing critical support at $0.085 after a wallet linked to the project's Coinbase custody holdings shifted roughly 290 million ENA — worth about $26.4 million — to an address that has previously interacted with exchanges. ENA was trading at $0.08695 late Friday, down 2.4% over the past 24 hours, with a session range of $0.08530 to $0.09125. The move comes as trading volume slumped more than 40% compared with previous sessions, landing at about $89.4 million.
The $26.4 million transfer
The wallet behind the transfer is tied to Ethena's Coinbase custody holdings, according to on-chain data. The recipient address has a history of interacting with exchanges, though it's not clear if the tokens were deposited for sale or simply reorganized. Exchange netflows for ENA remained negative over the period, meaning more ENA left exchanges than entered them — a sign that holders aren't rushing to sell into the dip.
Support at $0.085
The $0.085 level has become a line in the sand. A sustained move below it could open the door to $0.080, traders say. On the upside, resistance sits between $0.093 and $0.096, with short liquidation levels concentrated just above $0.093. That means a squeeze could be in play if buyers step in. Bitcoin's ability to stay above $64,000 also matters for ENA's short-term outlook — the two have been moving in tandem lately.
TVL and price context
Ethena still holds about $3.992 billion in total value locked, a hefty sum that suggests the protocol's core business hasn't cracked. But ENA's price tells a different story. The token is trading roughly 94.3% below its all-time high of $1.52 from April 2024. It's also just 23.4% above its all-time low of $0.07023, set on June 30, 2026 — barely a month ago.
The next few sessions will show whether $0.085 holds. If it doesn't, $0.080 is the next floor. If it does, the path to $0.093 gets interesting.
