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Published:
- On-chain metrics revealed that exchanges experienced an outflow of ENA worth $6.68 million.
- Ethena could surge 40% to reach its next resistance level of $1.5 if it sustains above the $1.05 level.
Ethena (ENA) has been making waves during the ongoing bull run, attracting a lot of attention from crypto enthusiasts.
On December 18, 2024, Spotonchain, a blockchain-based transaction tracker, posted on X (formerly Twitter) that a newly created wallet had acquired 5.29 million ENA tokens worth 5.92 million of dollars.
However, this substantial amount of ENA was acquired at an average price of $1.12 from Binance.
Currently, overall market sentiment appears mixed, with assets like Bitcoin (BTC) and Ripple (XRP) seeing notable upward momentum, while others are struggling and facing price declines.
Ethena’s bullish measures on chain
Amid market uncertainty, long-term holders are accumulating ENA tokens, according to on-chain analytics firm Coinglass.
ENA Spot Inflow/Outflow metrics show a significant outflow of ENA worth $6.68 million from exchanges to wallets. This “exit” suggests potential bullish momentum and an ideal buying opportunity.
Source: Coinglass
In addition to long-term holders, traders are bullish on ENA, making large bets on long positions. The Long/Short ENA ratio stood at 1.25, indicating strong bullish sentiment among traders.
At press time, 55.57% of top traders in the crypto market held long positions, while 44.43% held short positions.
ENA technical analysis and key levels
According to AMBCrypto technical analysis, ENA appears to be retesting the breakout of the horizontal level near $1.05.
Based on recent price action, if ENA holds above $1.05, there is a strong possibility that it could rise by 40% to reach its next resistance level and potentially reach a new historic summit.
Source: TradingView
On a positive note, ENA’s Relative Strength Index (RSI) remained below the overbought zone, indicating that the asset has room to advance in the coming days.
Combining growing whale interest with bullish price action, it appears that bulls are currently dominating the asset. This momentum could help support the asset and prevent a possible price decline.
Read Ethena (ENA) Price Forecast 2024-25
At the time of writing, ENA was trading near $1.06 and saw a price drop of 8.5% in the last 24 hours.
During this period, its trading volume fell by 40%, indicating reduced participation from traders and investors amid an ongoing price correction.
