The current period for Ethena (ENA) token is marked by significant price growth. The token has increased by 18% over the past day and is now trading around $0.4670. Trading volumes have also risen by more than 25%. This growth wave appears to have roots in several recent events.
Support from Upbit and Major Buyers
The momentum began to shift on July 11 when South Korea's leading exchange, Upbit, announced support for new ENA pairs: ENA/KRW, ENA/BTC, and ENA/USDT. This announcement triggered an immediate rally with a 20% increase in a single day.
Several major market participants have also been actively purchasing tokens. For example, Arthur Hayes, co-founder of BitMEX, acquired 4.2 million ENA worth about $1.5 million through platforms like Binance and Wintermute. Additionally, on July 14, Mirana Ventures withdrew 10 million ENA, approximately $3.57 million, from Binance.
Financial Indicators of Ethena
According to Token Terminal, as of July 9, Ethena's total protocol revenue hit $290 million, making ENA the third-largest stablecoin issuer by revenue, behind only Tether and Circle. These figures have drawn the attention of both institutional players and retail traders.
Technical Analysis of ENA Price
Technical analysis on the 4-hour chart reveals a strong uptrend characterized by higher highs and higher lows. The current price is above the 30-period EMA at $0.3908, showing a steep upward trajectory. The last breakout occurred at $0.42, which now acts as short-term support.
The RSI (14) reads 82.41, indicating overbought conditions. While this may suggest short-term cooling, strong uptrends often persist even after substantial gains. A broader demand zone lies between $0.26 and $0.30, suggesting solid backing in case of a correction.
In conclusion, the price of Ethena (ENA) demonstrates clear signs of strength in the market, supported by both new entries and activity from major players. Given the current trends and fundamental indicators, further growth and buyer activity are likely.
