The ENA token's price has surged by more than 20% in the past 24 hours, reaching a four-month high due to an anticipated revenue-sharing proposal.
Wintermute's Proposal for Ethena Holders
The recent Ethena price rally follows a proposal by leading crypto market maker Wintermute for a new fee-sharing model for ENA. The proposal suggests distributing some revenue back to ENA holders, aiming to align their interests with the protocol's growth. The attention was drawn by a quote: CITE_W_A.
Market Demand Drives Ethena Price Rally
The proposal announcement has gained significant attention, leading to increased trading volume and price volatility. ENA's trading volume surged by 61% in the past 24 hours to $482 million, with open interest also following a similar positive trend as new funds enter the market.
ENA Price Technical Analysis
Currently trading at $0.51, some analysts expect the price to rise to $1.00. If ENA can sustain high trading volumes, it could reach resistance levels of $0.60 or $0.65. Technical indicators such as MACD and Chaikin Money Flow suggest strong buyer interest and capital inflow.
Should the market continue to favor ENA and Wintermute's proposal be accepted, it might attract more investors, potentially leading to further price appreciation of the token.
