Ethena (ENA) Poised for 40% Rally, Whale Buys $5.92 Million Token

• On-chain statistics revealed that the exchanges witnessed an outflow of ENA price $6.68 million.
• Ethena might rise 40% to achieve the subsequent resistance stage at $1.5 if it holds itself above the $1.05 stage.

Ethena [ENA] has made waves throughout the ongoing bull run and has obtained quite a lot of consideration from crypto lovers.

On December 18, 2024, a blockchain-based transaction tracker was launched, Spotonchain posted on X (previously Twitter) {that a} newly created pockets has acquired a big 5.29 million ENA tokens price $5.92 million.

Nonetheless, this important quantity of ENA was acquired from Binance at a mean value of $1.12.

At present, general market sentiment appears combined, with property like Bitcoin [BTC] and Ripple [XRP] which are experiencing notable upward momentum, whereas others are struggling and experiencing value declines.

Ethena’s bullish on-chain metrics

Amid market uncertainty, long-term holders are accumulating ENA tokens, in line with analytics agency Coinglass.

ENA’s Spot Influx/Outflow metrics present a big outflow of $6.68 million in ENA from exchanges to wallets. This “outflow” signifies potential upside momentum and a perfect shopping for alternative.

Supply: Coinglass

Along with long-term holders, merchants are bullish on ENA and are betting considerably on lengthy positions. The ENA Lengthy/Quick Ratio stood at 1.25, indicating robust bullish sentiment amongst merchants.

On the time of writing, 55.57% of the crypto market’s high merchants had lengthy positions, whereas 44.43% had brief positions.

ENA technical evaluation and key ranges

In response to AMBCrypto’s technical evaluation, ENA appears to be retesting the break of the horizontal stage close to $1.05.

Based mostly on current value motion, if ENA holds itself above $1.05, there’s a excessive probability that the value might rise 40% to achieve the subsequent resistance stage and presumably set a brand new all-time excessive.

Supply: TradingView

On the plus facet, ENA’s Relative Power Index (RSI) remained under the overbought zone, indicating the asset has room to rise within the coming days.

Combining rising curiosity from whales with bullish value motion, it seems that bulls are at the moment dominating the property. This momentum might help the asset and forestall a possible value drop.

Learn Ethena [ENA] Worth forecast 2024-25

On the time of writing, ENA was buying and selling round $1.06 and has skilled a value drop of 8.5% within the final 24 hours.

Throughout this era, buying and selling quantity fell by 40%, indicating lowered participation from merchants and traders amid the continuing value correction.