Arthur Hayes Accumulation Boosts ENA Price Outlook Toward $5 in 2026

Ethena (ENA) is gaining renewed investor interest following notable accumulation by major holders. A bullish ENA price narrative toward $5 in 2026 is being shaped by the recent significant hands action, rising fundamentals, and frequent technical rebounds from key support zones.

Analysts have hinted that several factors, such as protocol revenue growth and accumulation patterns, are aligning.

ENA Price Strengthens After Whale Accumulation

According to on-chain data from Lookonchain, BitMEX co-founder Arthur Hayes has acquired over 4.89 million ENA in the last two days. These purchases, which totaled over $3 million across various wallets, show a strong interest in ENA’s future.

Notably, Hayes is positioning for the long-term benefits of the DeFi industry, as indicated by his similar acquisitions of ETHFI and PENDLE. This move supports the sentiment in the market that ENA is currently underpriced.

The systematic nature of these transactions, with the majority of them being purchased in centralized markets and implemented in highly coordinated time periods, indicates strong buying. According to analysts, this is a positive sign for the token as the whales are penetrating the market ahead of other catalysts.

Technical Indicators Point to Bullish Expansion

Additionally, technical analysis shows Ethena holding a crucial support base between $0.22 and $0.24. This zone has repeatedly acted as a foundation for strong recoveries. A rare 0.0 Fibonacci reset suggests that the asset may have finished its correction phase and is now in a long-term bullish formation.

Analysts identified the $0.50–$0.52 zone as the first key barrier for buyers to reclaim momentum.

A reclaim of mid-range resistance could extend the move toward the $0.80 zone, historically associated with major upside momentum. According to analyst Crypto Patel’s long-term forecast, targets are established at $2 and $5, based on the past large measured moves.

Besides, maintaining the current support zone remains critical. Provided that this base holds, the price charts are in favor of a recovery in line with the strong ENA price sentiment, suggesting an expansion towards 2026.

Fundamental Growth Strengthens Ethena’s Ecosystem

In addition to that, another important bullish data point is the fee-generation metrics of the Ethena platform. The revenue dashboard of the Token Terminal demonstrates that the cumulative protocol fees are approaching $600 million, with Q3 2025 delivering more than $150 million. This surge indicates a high adoption rate of Ethena USDe synthetic dollar and related ecosystem utilities.

Besides, the increased yield securities opportunities have generated demand among institutional and retail users. Currently holding 3.1% market share in revenue generation across stablecoin-linked protocols, Ethena is expanding at a pace that outperforms many competitors. The announcement of future fee streams strengthens long-term utility expectations for ENA.

Historical V-Shaped Rebounds Highlight Reversal Potential

Analyst Ali highlighted two V-shaped recoveries that originated from the same $0.22–$0.24

accumulation zone. The first produced a rise of nearly 495%, while the second resulted in a 235% surge in under 90 days.

ENA price has once again reached that level and is attempting another bounce. This pattern strengthens the conviction that buyers continue to defend the same zone with aggression.

Mid-range resistance lies at $0.48, followed by $0.70-$0.80. Any breakout above these levels would confirm a bullish trend observed in past rebounds. Analysts warn that to sustain this bullish setup, the support floor is still crucial going into 2026.

ENA was trading at around $0.29 at the time of writing, as analysts look at the next attempt to break out above the early resistance to confirm the optimism.