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- Ethena price surged 31% in a week, hitting a 7-month high of $0.855.
- Record network activity and retail buying dominate as whales remain cautious.
- Technicals point to $1 as a potential next target if $0.70 holds.
Ethena [ENA] has delivered a powerful performance, climbing 30.98% in the past week from $0.51 to a 7-month peak of $0.855. The bullish momentum extends further back, with monthly and yearly gains of 143% and 152%, respectively. At press time, ENA was trading at $0.8086, up 9.05% in the last 24 hours, buoyed by rising network activity, positive sentiment, and consistent capital inflows
Record Network Activity Supports Bullish Case
On-chain data from Santiment revealed that Ethena has maintained a positive Price-DAA (Daily Active Addresses) Divergence for seven consecutive days. This sustained divergence suggests growing fundamental demand, as network usage and engagement reach new highs.
Currently, 75.38 million transactions are in profit versus 18.08 million in loss, with a profitability ratio of 4.16. Historically, such conditions often precede further upside, as price catches up with rising demand.
Whale Caution Opens Door for Retail Momentum
Despite ENA’s price rally, whale activity in both spot and futures markets has been notably absent. Data from CryptoQuant shows no significant large orders in the past 30 days, suggesting big players are taking a wait-and-see approach.
This void has allowed retail traders to dominate recent spot market activity. Coinalyze data shows ENA recorded three straight days of positive Buy-Sell Delta, with buying volumes exceeding selling volumes by 8.33 million at press time — a sign of persistent bullish pressure from smaller participants.
Also Read: Ethena (ENA) Surges as Whales Accumulate and Bullish EMA Signals Boost Momentum
ENA Price Outlook: $1 in Sight?
Technicals indicate further potential upside. ENA recently defended the $0.60 support level before bouncing sharply, with the Parabolic SAR flipping below price candles — a bullish signal. The Stochastic RSI has also surged to 85.37, underscoring buyer strength.
If ENA sustains levels above $0.70, a rally toward $1 appears possible. However, a drop below support could open the door for a retracement back to $0.55.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
