Brief description
Ethena (ENA) has sparked interest among traders and analysts with the potential to rise to $1.
Mentions on social media have surged, with key opinion leaders highlighting this recently.
Despite the momentum, long-term sentiment stability depends on continued engagement.
Ethena (ENA) is gaining notable attention, sparking discussions among traders and analysts with its potential price trajectory aiming to flip the $1 mark.
Cryptocurrencies have remained relevant without the hype surrounding artificial intelligence or meme tokens, which are currently the main trending sectors right now. Based on recent sentiment and market trends, ENA is showing signs of a bullish breakout.
Ethena mentions on social platforms are on the rise
Over the past month, major influential accounts in the crypto community have been steadily mentioning ENA, indicating that interest is rising. Analysis shows that 32 important X users have discussed ENA in the past 30 days, and 12 of them have re-followed ENA in the past week.
ENA mentioned on social media. Source: AlphaScan
Notably, three unique key opinion leaders (KOLs) have re-highlighted ENA in the past 12 hours, adding to short-term bullish sentiment.
Despite the increase in mentions and social buzz, long-term sentiment stability remains uncertain. Only 20% of monthly mentions occurred in the last week, suggesting that while the near-term outlook may be positive, sustained momentum may require further increases in engagement and discussion.
Ethena bags await favourable selling conditions as prices stagnate
Recent market dynamics hint at a potential upward trajectory as Ethena (ENA) inched closer to the important price point of $1. The token is currently trading around $0.90 with notable active trading volumes and investor sentiment.
The latest data shows a strong pattern of investor holdings, with 67.45% of ENA holders "out of the money," meaning their holdings are above the current market price. This could slow down selling at current levels and force most holders to continue holding until their positions flip in-the-money.
Average purchase price for ENA holders. Source: IntoTheBlock
Additionally, ENA’s network metrics show that the ecosystem is still healthy despite the market slowdown. Despite the fluctuations, the total number of ENA holders has maintained relatively stable growth. Currently, the number of holders in the past month exceeds 36,000.
The network’s growth, as measured by the number of new addresses created each day, continues to decline as the price follows a similar pattern. However, it is worth noting that, as mentioned earlier, holders remain strong.
ENA Price Prediction: The next push above $1
Technical analysis of the ENA price chart shows that the price is stabilizing above a key Fibonacci support level and is in a consolidation phase. The Relative Strength Index (RSI) is currently at 55, indicating balanced market conditions, neither overbought nor oversold.
This stability, coupled with the continued growth of holders, makes the case for potential price appreciation after an extended period of consolidation. Currently, ENA is located in the middle of the 0.737 and 0.5 Fibonacci levels – representing a strong consolidation area for ENA.
A push higher towards $1 is likely and if it flips this psychological resistance area, the price could test $1.12 next.
Ethena (ENA) Price Analysis. Source: Tradingview
Given these factors, the $1 price level is not only a psychological barrier, but also a viable short-term target. As market conditions align with increased user engagement and solid technical support levels, ENA could soon see its value appreciate to or above this threshold.
Moreover, if the sentiment remains bearish, the momentum could turn in favor of the bears, pushing the price back to the key Fibonacci support level of $0.735. This would invalidate the bullish price target.
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