Ethena's (ENA) price surged 12.28% today, making it the market's biggest gainer in the last 24 hours. Trading volume is up 115.87%, indicating strong interest from traders.
Institutional Backing Boosts Confidence
World Liberty Financial, linked to Donald Trump's businesses, purchased 509,955 ENA tokens worth approximately $500,013. This investment, along with the fund's $44.41 million allocation to other cryptocurrencies, has bolstered confidence among traders and investors.
Technical Analysis Suggests Potential Breakout
ENA's price chart shows a strong upward trend, with consistently higher highs and higher lows. The token is currently testing resistance levels between $1.0176 and $1.1418. A breakout above this resistance could propel ENA's price toward its next targets.
Market Speculation and External Catalysts
Speculation surrounding the upcoming BlackRock conference has further fueled interest in ENA. Crypto expert Jacob Canfield noted that ENA is "teasing a breakout" and highlighted its relative strength during a market pullback.
Outlook for ENA
ENA's near-term performance hinges on its ability to break out of the current range. The BlackRock conference and continued investor confidence may play pivotal roles in shaping its trajectory.
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