Ethena (ENA) is currently facing a decisive resistance test as whales have reduced their holdings, while mid-tier and retail buyers are increasing their stakes. These trends indicate shifting dynamics in the market. Exchange data suggest accumulation by holders, with outflows exceeding inflows, suggesting growing confidence and less selling pressure. The price is testing resistance at $0.36, just above its 100-day moving average of $0.3479. A sustained move above this level could pave the way for a potential rally to $0.45. However, traders need to pay attention to volume spikes around $0.41, where supply clusters sit. Key indicators show that 5.5% of wallets hold unrealized gains and 25.4% are at a loss, while most remain near breakeven between $0.34 and $0.41. This could lead to selling pressure as investors look to lock in profits or cut losses. To break past this layer of selling pressure and push higher, bulls need to overcome the resistance and achieve a clear breakout. 5.5% of wallets hold unrealized gains and 25.4% are at a loss. An accumulation above $0.36 is crucial for sustained momentum.