Ethena (ENA) Surges 17%, Signals Bullish Momentum
Key Takeaways
The cryptocurrency Ethena (ENA) is currently showing strong bullish signals. Within 24 hours, the price increased by over 17%. The next key resistance level lies at USD 0.60. Three major developments suggest a potential breakout above this level: strong growth in address activity and transactions, net outflows from exchanges, and a reset in leveraged long positions.
Strong On-Chain Data: More Addresses and Large Transactions
Ethena’s on-chain activity has significantly increased. The number of new wallet addresses rose by 56.43% within a week, while active addresses grew by 37.12%. Particularly notable is the rise in medium to large transactions:
- Transactions between USD 10,000–100,000: +220%
- Transactions between USD 100,000–1,000,000: +613.64%
This trend indicates growing interest from institutional investors and larger retail traders. Such activity typically supports sustainable price development.
More Outflows than Inflows: Investors Secure Their ENA
Another bullish signal comes from exchange data. In recent days, ENA tokens worth USD 24.11 million were withdrawn from centralized exchanges, while only USD 19.87 million were newly deposited. This behaviour shows that many investors are moving their tokens into self-custody – a sign of long-term confidence.
Such net outflows reduce the available supply on trading platforms and can lower selling pressure. In the past, similar movements have often led to further price increases.
Long Squeeze Cleans the Market
The derivatives market saw a so-called long squeeze: Overleveraged long positions were liquidated when the price approached the USD 0.60 resistance. Long positions worth USD 504,440 were closed – significantly more than the USD 75,450 in short positions.
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These liquidations can cause short-term turbulence but also have a cleansing effect. The market becomes less vulnerable to sudden pullbacks as excessive leverage is reduced. This creates a more stable foundation for potential further price increases.
Short-Term Traders Add New Momentum
Data from the HODL Waves metric – an indicator of short-term holder behaviour – shows an increase to 0.0915. This means more traders are holding ENA for less than a day. While this activity brings more volatility, it also increases liquidity and market attention.
The growing involvement of momentum traders can amplify short-term price movements – both upward and downward.
Our Assessment
Ethena (ENA) is in an exciting phase. The combination of growing network activity, institutional involvement, and a cleansed derivatives market supports a potential continuation of the upward trend. The resistance at USD 0.60 remains a key level. If a breakout succeeds, the chart outlook could improve significantly.
However, until that step is achieved, caution is advised. Short-term traders and high volatility can cause pullbacks at any time. Investors should closely monitor developments and watch for clear signals.
Sources
- TradingView
- IntoTheBlock
- CoinGlass
- Santiment
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