Ethena [ENA] has been causing quite a stir in the current bullish market, attracting significant interest from cryptocurrency enthusiasts.
On December 18, 2024, Spotonchain, a blockchain-based transaction monitoring platform, posted on X (formerly known as Twitter) that a new wallet had acquired a substantial 5.29 million ENA tokens valued at $5.92 million.
This large amount of ENA tokens was purchased at an average price of $1.12 from the Binance exchange.
Presently, the overall market sentiment seems to be mixed, with assets like Bitcoin [BTC] and Ripple [XRP] showing significant upward movement, while others are facing challenges and witnessing price declines.
Ethena’s Optimistic On-Chain Data
Despite market uncertainties, long-term holders are accumulating ENA tokens, as indicated by insights from the on-chain analytics company Coinglass.
The Spot Inflow/Outflow data for ENA shows a noteworthy outflow of $6.68 million worth of ENA from exchanges into wallets. This outflow signals the potential for upward momentum and a favorable buying opportunity.
Alongside long-term holders, traders are expressing optimism about ENA, with significant investments in long positions. The ENA Long/Short Ratio is at 1.25, reflecting a strong bullish sentiment among traders.
Currently, 55.57% of the top traders in the crypto market are holding long positions, while 44.43% are opting for short positions.
Analysis of ENA’s Technicals and Critical Levels
According to CryptoCrypto’s technical analysis, ENA seems to be retesting the breakout point near $1.05. If ENA manages to stay above $1.05 based on recent price movements, there is a high possibility of a 40% surge towards the next resistance level and the potential to achieve a new all-time high.
Encouragingly, ENA’s Relative Strength Index (RSI) is still below the overbought territory, suggesting that there is room for the asset to climb in the coming days.
With increasing interest from whales and positive price trends, it appears that the bulls are currently in control of the asset. This momentum could help sustain ENA’s price and prevent a potential decline.
As of the current moment, ENA is trading around $1.06, experiencing an 8.5% price decline in the last 24 hours. Additionally, its trading volume has decreased by 40%, indicating reduced engagement from traders and investors amidst the ongoing price adjustments.