Ethena (ENA) is gaining bullish momentum after reclaiming a key technical support level, with analysts watching for a confirmed breakout for the ENA price to extend the rally. Strong staking activity and large investor accumulation have reduced available supply, reinforcing positive market sentiment and supporting expectations for further upside.
At the time of writing, ENA is trading at $0.09179 with a 24-hour trading volume of $123.95 million and a market capitalization of $877.38 million. Despite the signs of stability over the last 24 hours, the ENA price structure and whale activity point to a bullish reversal ahead.
Source: CoinMarketCap
Also Read: ENA Price Prediction: The Token Eyes $0.346 Rally After Trendline Breakout
ENA Price Eyes $0.1020 After EMA200 Breakout
According to the crypto analyst Unknown AI, ENA has improved its short-term technical structure after reclaiming the 200-period EMA on the four-hour chart, turning the indicator into a key support level.
Following a rally from $0.0837, ENA reached the $0.0935–$0.0970 supply zone, where buying momentum has slowed. Analysts believe traders should avoid chasing price before a confirmed breakout above resistance.
Source: Unknown AI’s X Post
An important move above $0.0935 within the next four hours would be seen as an indication of a successful clearance of the supply zone, allowing the ENA price to rise to $0.1020.
On the contrary, failure to break above the current levels can result in a drop to the level of $0.0880, which will create a new accumulation zone.
ENA Rally Strengthens as Staking Hits New High
The data from Nazoku further highlighted that Ethena (ENA) continues to gather traction following on-chain information showing a new wallet, which acquired 40 million ENA, which is roughly equal to $3.71 million using Coinbase, only five days ago, has been established.
This investor staked their entire holding straightaway, demonstrating their commitment to long-term prospects rather than selling for profit.
Source: Nazoku’s X Post
Rising staking activities have caused 7.58% of ENA’s total supply to get locked up, as the activity continues to rise.
In the last three days, the ENA price has gained by 17%, as it approaches the critical resistance at $0.10. With the upcoming approval of the Clarity Act, sentiments for ENA could be further boosted, causing it to cross $0.14, its peak since early February.
What Happens Next?
The further price action for the ENA price will depend on how successful the buyers will be in breaking through the resistance level of $0.0935.
In case of a breakout, the price might go as high as $0.1020, maybe even to $0.14. In the other case, the price might fall back to the support level of $0.0880.
Also Read: ENA Price Eyes $0.23 After 15% Rally Amid Ethena Ecosystem Growth
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
