Ethena (ENA) Price Target: Can It Hit $1 Without Whale Support?
Key Takeaways
- Ethena (ENA) surged 31% in one week, reaching $0.855.
- Growth driven by strong network adoption and retail buying.
- Whales remain on the sidelines, impacting price predictions.
Ethena's Impressive Rally
Ethena [ENA] has experienced significant growth, climbing 30.98% over the past week from $0.51 to a 7-month high of $0.855. The token has also shown strength over the past month with gains of 143%, and yearly gains of 152%.
At press time, ENA was trading at $0.8086, up 9.05% in the last 24 hours, supported by increasing network activity, positive market sentiment, and consistent capital inflows.
Network Adoption Soars
Data from Santiment indicates Ethena has recorded positive Price DAA Divergence for seven consecutive days.
A sustained positive DAA Divergence suggests growing fundamental demand, particularly as network usage and engagement increase.
This divergence often indicates that the asset is undervalued relative to network activity, suggesting potential for further price appreciation as the price aligns with demand.
Currently, on-chain profitability supports this, with the ratio of profitable to loss-making transactions standing at 4.16 (75.38 million profitable vs. 18.08 million loss-making).
Whale Activity Remains Low
Despite the recent price increase, Ethena whales have not significantly participated in the market.
Spot Average Order Size data from CryptoQuant suggests an absence of whale activity in the spot market over the last 30 days.
Futures Average Order Size data reflects the same pattern, indicating reduced speculative activity from large entities.
The lack of whale involvement in both spot and futures markets suggests a cautious approach as they await further market signals.
Retail Buying Drives Spot Market
Recent spot market activity has been primarily driven by retail participants.
Coinalyze data shows Ethena recorded three consecutive days of positive Buy-Sell Delta. Current buy volumes stand at 84.2 million compared to sell volumes of 75 million.
The spot market recorded a positive Buy-Sell Delta of 8.33 million, slightly up from 8.09 million the previous day.
A positive Delta typically indicates higher buying pressure relative to selling pressure, often foreshadowing higher prices.
Price Prediction
Ethena (ENA) recently rebounded from a low of $0.55, successfully defending the $0.60 support level. The subsequent price surge was marked by the Parabolic SAR dipping below price candles.
Prices moving above the SAR usually suggest buyer control and strong upward momentum. Furthermore, the Stochastic RSI surged to 85.37, reinforcing the presence of buyers.
If buyers maintain the price above $0.70, a push toward $1 is plausible. However, failure to hold this level could see ENA retract to $0.55.