Having captured the attention of traders and investors, Ethena [ENA] emerged as one of the top performers in the cryptocurrency market on November 28, 2024.
Currently, ENA is drawing significant interest from cryptocurrency enthusiasts as its impressive upward momentum has surpassed a key resistance level, leading to a shift in market sentiment towards a more bullish outlook.
Surge in Open Interest and Whale Activity
Information from the blockchain analytics company Coinglass reveals a high level of interest and confidence from whales and traders in the token.
Recent data indicates that ENA’s future Open Interest (OI) has risen by 18% within the last 24 hours, signaling growing confidence and heightened trading activity.
This notable increase in OI seems to be largely attributed to the recent breakout observed in the market.
Rise in Whale Withdrawals
In addition to the surge in OI, Coinglass’s ENA spot Inflow/Outflow data shows a trend of long-term holders increasing their positions.
Exchanges have been experiencing consistent outflows since November 12, 2024, suggesting that whales have been transferring tokens from exchanges to their personal wallets.
However, following the breach of the resistance level in the past two days, exchanges are now seeing inflows as tokens are being deposited back from wallets to exchanges. Nevertheless, these inflows are notably lower compared to the volume withdrawn by whales.
The current engagement from traders and long-term holders indicates a likelihood of the upward momentum continuing.
Ethena’s Technical Evaluation and Crucial Levels
Expert technical analysis suggests that ENA is in a bullish phase after successfully surpassing a significant resistance level at $0.70, breaking out after a period of consolidation near the resistance.
Based on recent price movements, there is a strong chance that ENA could surge by 50% and reach the $1.10 mark in the near future.
Furthermore, ENA’s Relative Strength Index (RSI) indicates that the altcoin still has room for growth in the upcoming days, with the current RSI standing at 64, below the overbought zone where selling pressure typically emerges.
Currently trading near $0.72, ENA has recorded an 18% increase in value over the past 24 hours.
During the same period, its trading volume has risen by 23%, signifying increased participation from traders and investors compared to the previous day.