ENS, the native token of the Ethereum Name Service, a decentralized naming system, has seen a sharp increase of 37% in the last 24 hours. This jump makes it the best performing altcoin in the top 100.
During Asian trading on Thursday (28), the altcoin reached a new yearly high of US$37.29 before retreating slightly. It is now trading at $34.17, accompanied by an increase in trading volume.
Ethereum Name Service Sees Increase in Trading Activity
A significant increase in trading volume accompanied ENS’s double-digit jump. It hit an all-time high of $2.35 billion, surging more than 300% in the past 24 hours.
When an asset’s trading volume increases along with its price, it signals strong investor interest. This increase confirms that the price movement is supported by active participation, making the rally more sustainable. On the other hand, a price increase without volume growth may suggest a weaker trend that is susceptible to reversals.
This means that real demand for the token, rather than mere speculative activity, drove the ENS rally.
ENS Price and Trading Volume. Source: Santiment
Additionally, the altcoin’s Open Interest (OI) soared to a high of $132 million, confirming the surge in trading activity. According to Santiment, the OI is up 7% in the past 24 hours and is currently at its highest level since July.
OI measures the total number of open contracts (such as futures or options) that have not yet been settled or closed. When it rises during a price rally, it indicates that more traders are entering positions, suggesting strong market participation in the rally.
This signals that the trend will continue as rising open interest reflects growing confidence in the price movement.
ENS Open Interest. Source: Santiment
ENS Price Prediction: Could Buyers Soon Witness Exhaustion?
At the time of writing this analysis, ENS is trading slightly above the support formed at $31.57. A successful retest of this support level will propel the token’s price to regain its yearly high of $37.29.
However, readings from the Relative Strength Index (RSI) indicate that the market is overheated, and buyers may soon face exhaustion. At the time of publication, the indicator’s value is at 79.27.
The RSI measures an asset’s overbought and oversold market conditions. It ranges from 0 to 100, with values above 70 suggesting that the asset is overbought and potentially due for a correction. Conversely, RSI values below 30 signal that the asset is oversold and may be poised for a recovery.
ENS Price Analysis. Source: TradingView
A possible correction will push the ENS price below the support at $31.57 and towards $28.27.
The article ENS rises 37% and leads gains among Top 100 cryptos was first seen on BeInCrypto Brasil.
