Ethena (ENA) stands out as one of the few assets demonstrating positive growth across various timeframes. It has achieved gains of 26.05% over the past week and 18.64% over the last month.
Within the last 24 hours, ENA has exhibited slight upward movement with a modest increase of 0.97%. Given the current price trend and trader sentiment, there is a high probability of further upward momentum.
Optimistic Market Sentiment as Demand Expected to Increase
The present market conditions for ENA indicate the potential for a notable surge in the upcoming days, potentially setting a new all-time high.
On the charts, ENA was observed trading within a cup and handle pattern recently, a bullish formation often preceding a rally.
To validate this breakout, ENA must surpass the $1.32 resistance level (indicated in black). Once this threshold is crossed, an anticipated upward movement could commence.
Based on past price movements, ENA is predicted to replicate its previous surge of 597.86% from the bottom to the recent peak. In this scenario, ENA could potentially achieve an 85.43% increase, reaching $2.44.
Notably, analysis by CryptoCrypto indicated that the ongoing surge in price was mainly fueled by retail traders, as large holders – known as whales – have not been actively involved yet. However, these whales have maintained a positive outlook on ENA.
Whales Show Optimism but Maintain Passive Stance
According to IntoTheBlock, there exists a significant divergence between bullish and bearish whales, referring to large holders of ENA who control at least 1% of the total supply.
At present, there are 135 bullish whales compared to only 109 bearish ones. The 26-whale difference indicates a preference towards bidding ENA higher.
Despite the positive sentiment, these whales have not been actively accumulating the asset.
Large transaction volumes have shown a decline, with only 58.97 million ENA traded in the last 24 hours, amounting to $72.71 million. This reduced whale activity suggests untapped growth potential.
Interestingly, the recent price increases in ENA have been primarily driven by retail traders. This dynamic implies that if major traders enter the market, the asset could witness a significant rally, unlocking substantial gains.
Ethena: Will History Repeat Itself with TVL Pattern?
Total Value Locked (TVL), a crucial metric reflecting funds secured in the Ethena protocol, has remained relatively stable, indicating a phase of stagnation in growth.
At the current time, ENA’s TVL stands at $5.921 billion, a range it has held since December 17, 2024.
This behavior mirrors the TVL pattern observed between April 13 and May 15, 2024, which preceded a significant upward trend.
If this pattern proves to be fractal, it could forecast a positive outlook for ENA, possibly driving the asset towards higher price levels.