Ethereum Name Service (ENS) Token Up 37%: Year-High and Rising Trading Volume
The Ethereum Name Service (ENS) token gained 37% amid a significant increase in trading volume, reaching its all-time high of $37.29 in 2024. This sudden surge reflects growing confidence in the market and positive sentiment among traders.
According to Coinotag, the increasing trading volume suggests that the rise in prices is based on real demand, not speculative movements, but rather the long-term interest of investors.
In the last 24 hours, the trading volume of the ENS token increased by 300%, reaching $2.35 billion. This increase demonstrates the increasing interest of investors in the decentralized naming system and the strengthening of market participation. High trading volume during price increases shows that this increase is supported by solid market sentiment and is sustainable.
Price gains supported by strong volume increase the likelihood that these gains will continue, while price gains without volume can often be a sign of a weak rally and lead to corrections.
This rise is based on real demand, not just speculative movements, analysts say, confirming the interest in the future of the ENS token. In addition, open interest for the ENS token has increased to $132 million, the highest figure since July. Open interest indicates the total number of contracts still unclosed in the derivatives market, while the increase in this figure reflects strong confidence in the current price rally.
The increase in open interest in parallel with the price increases is interpreted by analysts as a strong confirmation of the current trend. This increase shows that market participants are investing more capital in the market to take more risks and believe that the current uptrend will continue.
According to current data, the ENS token is trading above the $31.57 level. A successful retest of this support could help the token maintain its bullish momentum and recapture its yearly high. However, caution is warranted given the overbought conditions.
The Relative Strength Index (RSI) is currently at 78.06, suggesting that buyer fatigue is possible. An RSI above 70 typically indicates that the asset is overvalued and could be due for a correction. If the price sustains below the current support levels, profit-taking could accelerate and a drop to $28.27 is possible.