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Ethena’s 15% Price Surge Sparks Attention, Here’s Why?
Today, the overall cryptocurrency market has seen massive upside momentum, including Bitcoin, Ethereum, Solana, and the recently launched Ethena. Following this massive upside momentum, on May 21, 2024, an on-chain analytics firm made a post on X (previously Twitter) that a multisignature wallet associated with “lemmasolutions” has made $1.87 million from Ethena (ENA) in just four days.
Trader made $2 million from ENA in just 4 days
According to SpotOnChain, this multisignature wallet has recently executed a series of transactions involving the cryptocurrency ENA, resulting in a significant profit of $1.87 million (+19%) in just four days. Since May 17, 2024, the wallet has withdrawn a total of 13.86 million ENA from Gate.io, with the latest withdrawal occurring 17 hours ago, right before a notable price surge.
The average price of the ENA token was around $0.73, leading to a total investment of over $10 million. Following the recent price surge, this amount rose to $12 million. However, the timing of the investment before the price surge raises concerns that this wallet holder might have known about the upcoming move, leading to questions about potential insider trading.
The major reason behind this massive price surge might be due to the recent substantial price increases of top cryptocurrencies like Bitcoin and Ethereum, which soared nearly 6% and 18% in the last 24 hours, respectively. Alongside these top cryptocurrencies, ENA also surged nearly 15% in the last 24 hours and is currently trading near the $0.83 level.
ENA technical analysis and key levels
Looking at the price performance of ENA over a longer period, in the last 7 days, ENA saw a price increase of over 11%. However, in the last 30 days, ENA experienced a price drop of over 23%, falling from $1.07 to $0.65 during this period.
According to expert technical analysis, ENA is looking bullish and is heading toward a major resistance level of $0.92. This resistance level may create a hurdle for ENA in the coming days. If the ENA token breaks out of this resistance level and closes above the $0.95 level on the daily chart, we may see a bullish move to the $1.09 level or even higher.
Trader made $2 million from ENA in just 4 days
According to SpotOnChain, this multisignature wallet has recently executed a series of transactions involving the cryptocurrency ENA, resulting in a significant profit of $1.87 million (+19%) in just four days. Since May 17, 2024, the wallet has withdrawn a total of 13.86 million ENA from Gate.io, with the latest withdrawal occurring 17 hours ago, right before a notable price surge.
The average price of the ENA token was around $0.73, leading to a total investment of over $10 million. Following the recent price surge, this amount rose to $12 million. However, the timing of the investment before the price surge raises concerns that this wallet holder might have known about the upcoming move, leading to questions about potential insider trading.
The major reason behind this massive price surge might be due to the recent substantial price increases of top cryptocurrencies like Bitcoin and Ethereum, which soared nearly 6% and 18% in the last 24 hours, respectively. Alongside these top cryptocurrencies, ENA also surged nearly 15% in the last 24 hours and is currently trading near the $0.83 level.
ENA technical analysis and key levels
Looking at the price performance of ENA over a longer period, in the last 7 days, ENA saw a price increase of over 11%. However, in the last 30 days, ENA experienced a price drop of over 23%, falling from $1.07 to $0.65 during this period.
According to expert technical analysis, ENA is looking bullish and is heading toward a major resistance level of $0.92. This resistance level may create a hurdle for ENA in the coming days. If the ENA token breaks out of this resistance level and closes above the $0.95 level on the daily chart, we may see a bullish move to the $1.09 level or even higher.
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