Ethena (ENA) poised for 40% rally, Whale buys $5.92M in token

• On-chain metrics revealed that exchanges have witnessed an outflow of $6.68 million price of ENA. 
• Ethena might surge by 40% to achieve its subsequent resistance stage of $1.5 if holds itself above the $1.05 stage.

Ethena [ENA]  has been making waves throughout the ongoing bull run, gaining important consideration from crypto lovers.

On the 18th of December 2024, a blockchain-based transaction tracker, Spotonchain made a submit on X (beforehand Twitter) {that a} newly created pockets has acquired a big 5.29 million ENA tokens price $5.92 million.

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

At present, the general market sentiment seems blended, with belongings like Bitcoin [BTC] and Ripple [XRP] experiencing notable upward momentum, whereas others are struggling and dealing with value declines.

Ethena’s bullish on-chain metrics 

Amid market uncertainty, long-term holders are accumulating ENA tokens, in response to on-chain analytics agency Coinglass.

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

Supply: Coinglass

Along with long-term holders, merchants are bullish on ENA, making important bets on lengthy positions. The ENA Lengthy/Brief Ratio stood at 1.25, indicating robust bullish sentiment amongst merchants.

At press time, 55.57% of high merchants throughout the crypto market held lengthy positions, whereas 44.43% held quick positions.

ENA technical evaluation and key ranges

In accordance with AMBCrypto’s technical evaluation, ENA seems to be retesting the breakout of the horizontal stage close to $1.05.

Primarily based on current value motion, if ENA sustains itself above $1.05, there’s a robust chance it might surge by 40% to achieve its subsequent resistance stage and doubtlessly obtain a brand new all-time excessive.

Supply: TradingView

On a constructive observe, ENA’s Relative Energy Index (RSI) remained under the overbought zone, indicating that the asset has room to climb within the coming days.

Combining the rising curiosity from whales with bullish value motion, it seems that bulls are at present dominating the asset. This momentum might assist help the asset and stop a possible value decline.

Learn Ethena [ENA] Value Prediction 2024-25

On the time of writing, ENA was buying and selling close to $1.06 and has skilled a value decline of 8.5% previously 24 hours.

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