Following the transfer of ENA from Ethena-related wallets to Binance, market concerns about short-term supply pressures have intensified. Meanwhile, with over 267 million ENA set to unlock between June 2nd and 5th, traders are beginning to reassess the token's resilience.

Increased inflows into exchanges

Recent on-chain data shows that approximately 7.524 million ENA tokens were transferred to Binance, worth about $672,000. During the same period, ENA saw a net inflow of $851,520 onto exchanges, indicating that more tokens flowed into trading platforms than outflowed.

Such changes typically mean that more positions are moving closer to the tradable market rather than remaining in long-term storage addresses. For the ENA, which is already in a trading range, this amplifies the market's sensitivity to selling pressure.

The price remained above $0.079.

ENA is currently trading between the support level of $0.0790 and the resistance level of $0.1323. After the recent pullback, buying interest at lower levels pushed the price back up to $0.0912, a 3.44% increase on the day.

The Relative Strength Index (RSI) also rebounded from its low to 38.86, but remains below the neutral level of 50. Market sentiment has improved somewhat, but whether prices can continue to hold above support levels depends on whether subsequent buying momentum continues.

Short positions have an advantage

Signals from the derivatives market, however, lean towards caution. ENA's OI weighted funding rate has fallen to approximately -0.0014%, indicating that more traders are maintaining short positions and that the market is pricing in downside risk.

With the expiration of the lock-up period approaching and net inflows into exchanges increasing, ENA remains under pressure from supply expansion in the short term. If the $0.0790 support level is breached, prices may come under renewed pressure; however, if buying pressure continues to defend the price, this range is likely to hold.