Posted: December 19, 2024

• On-chain metrics revealed that exchanges have witnessed an outflow of $6.68 million worth of ENA. 
• Ethena could surge by 40% to reach its next resistance level of $1.5 if holds itself above the $1.05 level.

Ethena [ENA]  has been making waves during the ongoing bull run, gaining significant attention from crypto enthusiasts.

On the 18th of December 2024, a blockchain-based transaction tracker, Spotonchain made a post on X (previously Twitter) that a newly created wallet has acquired a significant 5.29 million ENA tokens worth $5.92 million.

However, this substantial amount of ENA was acquired at an average price of $1.12 from Binance.

Currently, the overall market sentiment appears mixed, with assets like Bitcoin [BTC] and Ripple [XRP] experiencing notable upward momentum, while others are struggling and facing price declines.

Ethena’s bullish on-chain metrics 

Amid market uncertainty, long-term holders are accumulating ENA tokens, according to on-chain analytics firm Coinglass.

ENA’s Spot Inflow/Outflow metrics show a significant outflow of $6.68 million worth of ENA from exchanges to wallets. This “outflow” suggests potential upside momentum and an ideal buying opportunity.

In addition to long-term holders, traders are bullish on ENA, making significant bets on long positions. The ENA Long/Short Ratio stood at 1.25, indicating strong bullish sentiment among traders.

At press time, 55.57% of top traders across the crypto market held long positions, while 44.43% held short positions.

ENA technical analysis and key levels

According to AMBCrypto’s technical analysis, ENA appears to be retesting the breakout of the horizontal level near $1.05.

Based on recent price action, if ENA sustains itself above $1.05, there is a strong possibility it could surge by 40% to reach its next resistance level and potentially achieve a new all-time high.

On a positive note, ENA’s Relative Strength Index (RSI) remained below the overbought zone, indicating that the asset has room to climb in the coming days.

Combining the rising interest from whales with bullish price action, it appears that bulls are currently dominating the asset. This momentum could help support the asset and prevent a potential price decline.

Read Ethena [ENA] Price Prediction 2024-25

At the time of writing, ENA was trading near $1.06 and has experienced a price decline of 8.5% in the past 24 hours.

During this period, its trading volume dropped by 40%, indicating reduced participation from traders and investors amid the ongoing price correction.