ENA is drawing attention as team wallet inflows rise and analysts focus on a key accumulation zone that could result in a rebound.
Ethena’s ENA ENA $0.17 24h volatility: 3.4% Market cap: $1.39 B Vol. 24h: $180.74 M token is seeing renewed attention as onchain data shows steady accumulation by the project’s team wallet.
Transfers from exchanges have continued over the past week, even as prices dropped 25% during the same period.
Data shared by OnChainSchool shows $4.5 million worth of ENA was recently moved from Bybit to the team wallet.
Over the last seven days, total inflows to this wallet have reached $10 million. The wallet now holds about $162.6 million worth of ENA at current prices.
$ENA INFLOWS CONTINUE
Transfers of $ENA to the team wallet from exchanges are continuing
Just now, an additional $4.5M worth of $ENA was transferred from #Bybit
In total, $10M has been transferred to the wallet over the past weekThe wallet currently holds $162.6M worth of… pic.twitter.com/NZwN8ug7qk
— onchainschool.pro (@how2onchain) January 22, 2026
This accumulation comes as ENA trades near $0.17 with a market cap of $1.42 billion.
ENA Around Key Accumulation Zone
Analyst Crypto Patel said ENA is sitting in a strong accumulation region of $0.18-$0.20.
He noted this same price range acted as the launch point for a move of more than 500% in December 2024.
Price action shows ENA making lower highs under a descending trendline. At the same time, buyers continue to defend the $0.18 area.
According to Patel, repeated failures by sellers to break support result in exhaustion. He said this setup often appears when large buyers build positions quietly.
If the altcoin holds above $0.18, the analyst said the token could surge to $1.50, which means a 700% surge from current levels.
This $ENA Accumulation Zone Could Trigger A +1000% Explosion 🚀#ENA Sitting In Strong Accumulation Zone ($0.20–$0.18), The Same Level That Launched A +500% Move Last Time.
Structure:
Price Making Lower Highs Under Descending Trendline, But Buyers Defending This Demand Zone… pic.twitter.com/XKLt0E1oUQ— Crypto Patel (@CryptoPatel) January 18, 2026
However, a daily close below $0.18 would break this setup and shift control back to sellers.
Price Still Under Heavy Pressure
ENA has gained renewed investor interest after recent bullish comments from BitMEX co-founder Arthur Hayes.
Last week, Hayes predicted that ENA could reach $1 amid growing interest in the DeFi sector.
Giddy up bitches! it's time for $ENA = $1 https://t.co/ECVIawjdb7
— Arthur Hayes (@CryptoHayes) January 14, 2026
He has stated that capital is moving back into higher quality DeFi assets and named ENA as one of his focus positions.
Despite this, ENA continues to struggle. The token is down about 80% since Sept. 2025 and has lost over $4 billion in market cap.
It reached an all time high of $1.52 in April 2024 and now trades about 88% below that level.
The decline is also due to large and frequent token unlocks, which significantly increased supply.
While Ethena’s USDe product gained users, protocol revenue has not yet matched ENA’s full valuation.
To counter supply pressure, Ethena Labs has used buyback programs. Last year, the team began repurchasing ENA from the market to reduce supply and support price levels.
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