The price of cryptocurrency Ethena (ENA) has seen a significant rise, reaching a new high on the back of increased trading activity and strong demand.
Ethena (ENA) Price Surge
In the past 24 hours, Ethena (ENA) price surged by 19.75%, reaching $0.4999. This new multi-week high followed the token breaking above a key resistance level.
Trading Activity and Market Metrics
The 24-hour trading volume for the token reached $1.2 billion, representing a 276.39% increase. ENA's market capitalization now stands at $3.17 billion, with a fully diluted valuation touching $7.49 billion. The market cap-to-TVL ratio is 0.5187, supported by a robust $6.1 billion total value locked.
Outlook and Support for ENA
If bulls maintain control, the token may continue to move toward the $0.55–$0.60 range. However, failing to hold above the psychological level of $0.50 could lead to a retest of the $0.43 support level. Technically, the RSI on the daily chart surged to 82.12, confirming overbought conditions while indicating strong bullish momentum.
Current trends indicate strong demand for Ethena (ENA), but holding key support levels will be crucial for maintaining upward momentum and further price elevation.
