ENA on the Rise: Buyers Fueling a Potential Breakout
- Keyword Financial
- Aug 4
- 3 min read
Introduction
Ethena (ENA) experienced a notable 13% price surge, reaching $0.622 after successfully holding support at $0.51. This rally was accompanied by a 28% increase in trading volume, signaling renewed demand and strong buying interest. Data from Coinalyze revealed that buy volume outpaced sell volume by $4.63 million in the past day, flipping the Buy-Sell Delta positive and indicating fresh spot accumulation. Additionally, coins have been moving off exchanges for eight consecutive days, a trend often associated with investors preparing to hold rather than sell.
The derivatives market also reflected heightened bullish sentiment. Ethena’s Open Interest jumped 17% to $1.14 billion, and derivatives trading volume soared by 46% to $3.5 billion. The Long/Short Ratio, especially on Binance, showed that most traders are betting on further price increases, with ratios above 2 among top traders. These metrics suggest that both retail and professional traders are positioning themselves for continued upside.
Technical indicators further support the bullish outlook. The Stochastic RSI made a bullish crossover and surged, while the Chaikin Money Flow remained positive, both pointing to strong upward momentum. If this buying pressure persists, ENA could retest resistance at $0.68 and potentially target $0.70. However, if demand weakens, support around $0.55 may become important for maintaining the current trend.
