The Ethena (ENA) price recently retraced and tested the support level at $0.750 before experiencing significant buying interest, leading to a bounce back from that point.

Currently, the token is close to making a sharp upward movement. If the buyers successfully push the price to $1, more positive developments could be on the horizon.

As of now, the ENA price is trading at $0.9033, showing a 5.10% increase in intraday trading, reflecting bullish sentiment within the past 24 hours. The monthly return rate is -28.30%, while the yearly return rate is 197.78%.

The ENA/BTC pair is at 0.0000144 BTC, with a market cap of $1.30 billion. Analysts are neutral and predict that the ENA price may continue its positive momentum and outperform in the upcoming trading sessions.

Price Action Outlook: Ethena (ENA) Poised for Strong Performance

Data from Santiment shows that the ENA token has broken through a resistance trendline and regained strength in recent days. While there is a fresh wave of buying interest, it is crucial for the bulls to reach the $1 mark soon.

Despite these positive indicators, trading volume remains relatively low, which could be a cause of concern for investors eager to join the market. Intraday trading volume has dropped by over 32.89% to $283.23 million.

Price Volatility & Social Volume Give Negative Signals

Even with the recent price increase, volatility remains low, suggesting a lack of trading activity and investor confidence in purchasing ENA tokens.

Furthermore, social media popularity has declined in recent sessions, with a notable drop in social volume over the past day.

Development Activity and Holders Data Insights

The total number of holders has seen a significant increase this week, reaching a high of 37.8k, showcasing strong interest in the token.

Despite this, development activity remains stable with minor fluctuations, evidencing a decline of 1.28% recently.

Futures Open Interest

Derivative data points to a long buildup activity, with open interest spiking by over 10.24% to $227.73 million, indicating renewed buying interest.

Historical In/Out Of The Money Analysis

Analysis shows that only 18.95% of holders are currently profitable, while a significant majority are in search of securing profits, signaling a negative outlook.

The Relative Strength Index data is positive, standing at 65 in the overbought zone, suggesting a bullish trend.

In summary, the ENA price is showing signs of buyer accumulation and is progressing towards the $1 mark. Key indicators anticipate a positive trajectory for ENA in the near future.