Ethereum Name Service (ENS) has seen impressive growth, while data shows that the coin is overbought at this price point.

ENS has gained 15.62% in the past 24 hours and is trading at $26.7 at the time of writing. This is the second time this month that ENS has breached the $26 mark — the last time it breached this level was in January 2022.

Despite the price surge, ENS is still down 69% from its November 2021 all-time high of $85.69.

As the price increased, ENS’ total market capitalization surged to $840 million, making it the 82nd largest cryptocurrency. The asset’s daily trading volume also grew by 39% and currently hovers at $227 million.

According to data from , total open interest on ENS has increased by 27% in the past day, from $60.32 million to $76.45 million. A sudden surge in open interest typically leads to increased liquidations, which in turn leads to greater price volatility.

Market data shows that the total funding rate for ENS aggregation has dropped from 0.009% to 0.006% in the past 24 hours. The chart shows that the increase in open interest mainly comes from a surge in the number of short positions - traders betting that the price of ENS will fall.

According to data from Santiment, the ENS relative strength index (RSI) is currently hovering at 61, indicating that the asset is slightly overbought and could be manipulated by large whales.

For ENS to remain in the bullish zone, its RSI needs to drop below 50.

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