Ethena (ENA): Target $2.44, Whale Activity May Become Key

Ethena [ENA] has recently shown strong performance, attracting significant attention from retail investors. The current market pattern indicates that ENA is in a bullish cup-and-handle formation, suggesting that the price is likely to reach a new all-time high. However, the participation of large investors (whales) is relatively low, which may become an important driving force for further increases.

Market Performance of ENA

Recent Increase:

Up 26.05% in the past week, accumulating an 18.64% increase over the past month.

Up 0.97% in the past 24 hours, continuing the bullish trend.

Technical Formation:

The current price movement is forming a cup-and-handle pattern, which is typically a strong signal before a breakout.

If it breaks through the $1.32 resistance level, ENA could replicate its previous increase of 597.86%, targeting a price of $2.44.

Whale Movements and Market Dynamics

Whale Sentiment:

The number of bullish whales (135) significantly exceeds the number of bearish whales (109), indicating that large holders generally have a positive outlook on ENA's long-term potential.

Low Activity:

Whale trading volume has been sluggish, with only 58.97 million ENA (approximately $72.71 million) traded in the past 24 hours, suggesting they have not fully engaged yet.

This situation leaves room for future accumulation and price increases.

Retail Driven and Potential Risks

The current increase is primarily driven by retail investors rather than whales. This dynamic indicates:

Once whales begin to actively participate, the increase of ENA may accelerate further.

However, if it fails to break through the key resistance level, the market may experience a short-term pullback.

TVL Pattern: Potential Signals

The total value locked (TVL) of Ethena is currently $5.921 billion, remaining stable since December 17, 2024. This pattern is similar to price performance in early 2024, and if history repeats itself, ENA may welcome a new round of increases.

Conclusion

Ethena's market potential is significant, and the retail-driven increase has laid the foundation for future breakouts. If whales begin to participate on a large scale, ENA could quickly rise to $2.44 or even higher. In the short term, attention should be paid to the key resistance level of $1.32 and changes in whale activity, allowing traders to adjust their strategies to seize potential opportunities.