ENA’s price shot up 12.28% today, making it the market’s biggest gainer in the last 24 hours. People have been trading it, too—the volume is up 115.87%, showing traders are really getting into it. Several things seem to push the tokens’ price up, from big companies buying into the hype around upcoming events.

Spot On Chain reported some interesting news – World Liberty Financial, which has ties to Donald Trump’s businesses, just bought a bunch of ENA. They picked up 509,955 tokens, spending about $500,013 (that’s around $0.981 per token). This wasn’t a one-off thing either – the fund has been spreading money around in crypto, putting $44.41 million into different coins like Ethereum, Chainlink, and Aave.

The institutional backing of Ethena has bolstered confidence among traders and investors. Since November 31, World Liberty Financial’s investments have contributed to a rising trajectory for the token, adding credibility to its potential for growth. The news of these purchases coincides with ENA’s breakout from a key resistance zone, as observed on its price chart.

Donald Trump’s World Liberty Financial (@worldlibertyfi) is buying $ENA!3 hours ago, this fund spent 500,013 $USDC to buy the first 509,955 $ENA at an average price of $0.981.Overall, since November 31, World Liberty Financial has spent $44.41M to buy 5 crypto assets,… pic.twitter.com/2jSNS2Oc00

— Spot On Chain (@spotonchain) December 14, 2024

Ethena Price Chart Indicates Potential Breakout

The ENA price chart demonstrates a strong upward trend, with consistently higher highs and higher lows from October through December. However, the price has recently entered a consolidation phase, testing resistance levels between $1.0176 and $1.1418. The 0.618 Fibonacci level, at $1.0176, has emerged as a pivotal support zone, with the token showing resilience above this level.

Technical analysis suggests that a breakout above the current resistance could propel ENA’s price toward its next targets at $1.2406 and $1.5246. Rejection at this resistance, however, might see the price retrace to support levels at $0.8610 or lower. Crypto expert Jacob Canfield echoed this sentiment in a recent tweet, stating that ENA is “teasing a breakout” and highlighting its relative strength during a market pullback.

Image Source: X/JacodCanfield BlackRock Conference Sparks Market Speculation

Adding to the momentum, speculation surrounding the upcoming BlackRock conference has further fueled interest in ENA. The tweet from Canfield suggested investors might feel like they’re missing out by not getting in before the event. People are trading ENA more than usual right now, even though we don’t really know how the conference will affect it.

The market’s been pretty rocky this weekend, but ENA’s still doing really well compared to other tokens. The combination of institutional purchases and external market catalysts has positioned ENA as a token to watch.

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Outlook for ENA

With ENA’s price currently testing resistance levels and supported by institutional interest, ENA’s near-term performance hinges on its ability to break out of the current range. The BlackRock conference and continued investor confidence may play pivotal roles in shaping its trajectory. A lot of people are watching ENA closely right now – from regular folks buying crypto to big investment firms.

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