Ethena Price Holds Steady After Weekly Rally
Ethena (ENA) price remains around $0.78 on Thursday. The token has gained over 6% this week. This shows growing interest in ENA among investors.
BitMEX Co-founder Increases ENA Holdings
Arthur Hayes, BitMEX co-founder, bought 578,956 ENA tokens on Wednesday. The purchase was worth about $473,350 on Binance. Hayes now holds more than 5 million ENA tokens.
On-chain data shows large wallets are accumulating ENA. According to Santiment, whales holding between 100,000 and 100 million ENA tokens increased their holdings by 277.77 million tokens since September 3. This suggests strong confidence from big investors.
Some traders are taking profits, but whales seem to absorb the selling pressure. Santiment’s Network Realized Profit/Loss metric shows spikes in profit-taking on September 3 and Wednesday.
Strong Metrics Support ENA’s Bullish Outlook
DefiLlama reports that ENA’s Total Value Locked (TVL) hit a new all-time high of $13.41 billion on Thursday. This rise shows more users are active in the Ethena ecosystem.
ENA’s stablecoin supply and market cap also reached a record $14.5 billion. These figures add to the positive outlook for ENA.
Ethena Price Forecast
ENA found support near its ascending trendline and the 50-day EMA at $0.647 on September 1. Since then, the price rose over 15% to about $0.78 on Thursday.
If the price keeps rising, it could reach weekly resistance at $0.92. A break above this level might push ENA toward its December 16 high of $1.33.
The Relative Strength Index (RSI) is 59, showing growing bullish momentum. The MACD indicator shows a bullish crossover, signaling an upward trend.
If ENA corrects, the price may drop back toward the 50-day EMA at $0.647.
