- ENA’s Open Interest surged by 18% in the past 24 hours, indicating growing confidence of traders.
- Coinglass’s ENA spot Inflow/Outflow data indicated that long-term holders have significantly increased their holdings.
With strong interest from traders and investors, Ethena [ENA] topped the cryptocurrency market and became the second-biggest gainer on the 28th of November 2024.
Currently, ENA is gaining immense attention from crypto enthusiasts as its notable upside rally has breached a crucial resistance level, shifting the overall market sentiment towards a bullish side.
Rising open interest and whale activity
Data from the on-chain analytics firm Coinglass indicates that whales and traders have shown strong interest and confidence in the token.
According to the data, ENA’s future Open Interest (OI) has surged by 18% in the past 24 hours. This indicates growing confidence and increased trading activity.
The recent breakout appears to be the potential reason for this significant rise in OI.
Increasing whale withdrawals
Besides the rise in OI, Coinglass’s ENA spot Inflow/Outflow data showed that long-term holders were increasing their holdings.
Over the past few days, exchanges have consistently experienced massive outflows since November 12, 2024. This suggests that whales have been withdrawing tokens from exchanges to their wallets.
Source: Coinglass
However, as the price breached the resistance level in the past two days, exchanges have started witnessing inflows, indicating token deposits from wallets back to exchanges. These inflows, however, remain significantly lower than the tokens withdrawn by whales.
Examining the current participation from traders and long-term holders suggests that this upside momentum is likely to continue.
Ethena’s technical analysis and key levels
According to expert technical analysis, ENA appears bullish after breaking through a strong resistance level at $0.70. This breakout follows a prolonged period of price consolidation near the resistance.
Source: TradingView
Based on recent price action, there is a strong possibility that ENA could soar by 50% to reach the $1.10 level in the coming days.
On the positive side, ENA’s Relative Strength Index (RSI) suggested that the altcoin still has significant room for further growth in the coming days. At press time, it stood at 64, which is below the overbought zone where selling pressure typically begins to appear.
Read Ethena [ENA] Price Prediction 2024-25
At press time, ENA was trading near $0.72 and has registered a gain of 18% in the past 24 hours.
During the same period, its trading volume jumped by 23%, indicating heightened participation from traders and investors compared to the previous day.
