Commonsense knowledge graph completion is a new challenge for commonsense knowledge graph construction and application. In contrast to factual knowledge graphs such as Freebase and YAGO, commonsense knowledge graphs (CSKGs; e.g., ConceptNet) utilize free-form text to represent named entities, short phrases, and events as their nodes. Such a loose structure results in large and sparse CSKGs, which makes the semantic understanding of these nodes more critical for learning rich commonsense knowledge graph embedding. While current methods leverage semantic similarities to increase the graph density, the semantic plausibility of the nodes and their relations are under-explored. Previous works adopt conceptual abstraction to improve the consistency of modeling (event) plausibility, but they are not scalable enough and still suffer from data sparsity. In this paper, we propose to adopt textual entailment to find implicit entailment relations between CSKG nodes, to effectively densify the subgraph connecting nodes within the same conceptual class, which indicates a similar level of plausibility. Each node in CSKG finds its top entailed nodes using a finetuned transformer over natural language inference (NLI) tasks, which sufficiently capture textual entailment signals. The entailment relation between these nodes are further utilized to: 1) build new connections between source triplets and entailed nodes to densify the sparse CSKGs; 2) enrich the generalization ability of node representations by comparing the node embeddings with a contrastive loss. Experiments on two standard CSKGs demonstrate that our proposed framework EntailE can improve the performance of CSKG completion tasks under both transductive and inductive settings.