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During March 24, **Ethena ($ENA) price surged about 20% from March 24 to touching highs near $0. In 109 as whale accumulation and a new DeFi yield opportunity on Aptos brought fresh capital into the ecosystem with. *****
But by the time of rally, there has already been signs of exhaustion. The move may have been a profit-booking exercise, not the start of sustaining recovery but rather an effort to make money by using ‘the long upper wick on the latest 12-hour candle and declining whale balances as well as revealing bearish divergence.
Whales Accumulated 120 Million, Then Started Pulling Back
The aggressive addition of $ENA on March 24 began with Whale wallets, excluding exchange addresses, beginning to add $DENA aggressively. that balanced by March 26, climbed to 12 by the time of , which had reached its peak. A total of 78 billion, an addition of about 120 million $ENA in just three days — and roughly 90 million dollars — is the sum of ‘s estimated $1 trillion.
timing is consistent with a catalyst. The Hyperion-based Aptos launch of a new ‘USDe-$USDC liquidity pool’ on Aptto, which attracted more than $11 million in total value locked within its first 24 hours. The pool was 59 for s. With a 30x Sats multiplier, 2% APY (in staked $USDe), turned into ‘high-yield DeFi primitive’ with the help of 1% defyance.
But that demand for sUSDe directly returns to the Ethena price, as users must mint or acquire $USD and stake it in order to participate.
Hyperion is now live on the first page of @ethena opportunities.
sUSDe-$USDC pool:
– 59.2% APY
– $11.32M TVL
– 30x Sats multiplierClick to deposit directly from Ethena’s interface.
Hyperion (@hyperion_xyz) March 25, 2026
However, the accumulation appears to have peaked. Since reaching 12.78 billion, whale balances have begun declining, dropping to 12.77 billion.
$ENA
Whale Supply: Santiment
$ENA Whale Supply”>
This candle has a prominent upper-wick on the 12-hour chart, so that when it touched highs and was rejected sharply, the price was cut off. The rally is usually confirmed by large holders that they used the rally to book profits when whale holdings peak and pull back at the same time as a wick rejection forms.
It’s not unusual for a token that has been down about half over the last three months, even though it is still roughly 50% of its value. This is a classic short-term rotation of whales that enter on an Pump driven by DeFi, which allows Whales to exit near resistance. The question is whether the rest of the buyers can hold the line on the phrasing.
They may be unable to cope with the 12-hour Relative Strength Index (RSI), a momentum signal, which is known as an “Rip” for s. The Ethena price seems to be lowering the level of between February 26 and March 26, while the RSI is close to confirming that there was a higher high. A continuation of the wider downtrend reflects that hidden bearish divergence, which is said to be an explanation for this.
$ENA
Hidden Bearish Divergence: TradingView
The structure confirms if the next 12-hour candle closes below $0.109. It only invalidates above $0.119, the previous swing high.
Long Leverage Tilts the Risk Lower
The Bybit $ENA/USDT perpetual liquidation map of the last seven days (active positions) shows a very long-biased market, which is clearly defined in its chart. Long liquidation leverage $7. The price tag is 51 million against just $3. 12 million shorts in . This rallied swaye-buyers, and when the price goes down, those positions become fuel for a downside cascade.
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$ENA
Liquidation Map: Coinglass
The most dense near-term long liquidation clusters are located near $0 and one of the smallest near term ones in history. About $2 million in positions would be triggered by 097, where s’ position was about to start. Those zones would quickly liquidate overleveraged longs, as well as moving into those zones.
$ENA
Long Liquidation Cluster: Coinglass
The derivatives market aligns with on-chain data, pointing towards near-term caution and the fact that whales are already trimming, divergence is being formed (and leverage tilted long), while Whales have been cut.
Ethena Price Forecast and the $0.106 Test
According to the 12-hour chart, $0. The 106-synth has been an aggressive resistance to . This was a rejection of the Ethenan price on March 20 and again on the current candle. The minimum requirement for the rally to continue is a 12-hour close above that level, which is required by . a move above $0 by s. The secret bearish divergence on the chart would be invalidated and confirmed by 120, which would confirm strength.
On the downside, $0. Defense The first line of defense is 102. At that level, it matches the position where most long liquidations begin to cluster on the 7-day map. An absence under $0 by . A chain reaction would likely be triggered by $0 with 102, . The 097 is. A $2million liquidation pocket is here, and possibly down to $0 as it sits at this point — a phraser that may be paraphrased. 091 .
Ethena Price Analysis: TradingView
For now, $0.106 separates a continuation of the DeFi-driven bounce from a liquidation-fueled pullback to $0.091.
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