Ethena’s recent price surge of 31% is attributed to strong network adoption, increased retail buying, and bullish technical indicators.
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Ethena’s price climbed from $0.51 to $0.855, marking a 7-month high.
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Network activity and positive sentiment have driven capital inflows.
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On-chain profitability shows a ratio of 4.16 transactions in profit to loss.
Ethena’s price has surged by 31% this week, driven by strong network adoption and retail buying. Learn more about the factors behind this rally.
| Metric | Value | Comparison |
|---|---|---|
| Price Change | 31% | Previous Week |
What is Ethena and Why is Its Price Rising?
Ethena (ENA) is a cryptocurrency that has recently seen a significant price increase, climbing from $0.51 to $0.855. This surge is primarily driven by increased network adoption and retail investor interest.
How Does Network Adoption Impact Ethena’s Price?
Recent data from Santiment indicates that Ethena has logged positive Price DAA Divergence for seven consecutive days, suggesting a strengthening demand. This trend is often indicative of an undervalued asset relative to its network activity.
Frequently Asked Questions
What is the current price of Ethena?
As of now, Ethena is trading at approximately $0.8086, reflecting a 9.05% increase in the last 24 hours.
Why are whales not buying Ethena currently?
Despite the price increase, whale activity has been low, indicating a cautious approach as they await stronger market signals.
Key Takeaways
- Ethena climbed by 31% in a week: Fueled by strong network adoption and retail-led buying.
- On-chain profitability is strong: The ratio of transactions in profit to loss stands at 4.16.
- Retail traders dominate: Recent spot activity shows higher buying pressure compared to selling.
Conclusion
Ethena’s recent price surge reflects a combination of strong network adoption and retail interest. As the market evolves, monitoring these trends will be crucial for future price predictions.
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Ethena’s price surged by 31% in a week, driven by strong network adoption and retail buying.
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At press time, Ethena was trading at $0.8086, up 9.05% in just 24 hours.
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On-chain profitability shows a positive ratio of transactions in profit to loss.
Ethena’s price has surged by 31% this week, driven by strong network adoption and retail buying. Learn more about the factors behind this rally.
Network Adoption Hits Record Levels
Santiment’s data showed Ethena logging positive Price DAA Divergence for seven straight days. A sustained positive DAA Divergence indicates strengthening fundamental demand, especially with growing network usage.
Source: Santiment
The asset appears undervalued relative to network activity, suggesting potential for further price increases as demand aligns with price.
At the time of writing, the on-chain profitability ratio stood at 4.16, with 75.38 million transactions in profit versus 18.08 million in loss.
Source: Santiment
Are the Whales Cautious These Days?
Despite the price uptick, Ethena whales have shown minimal activity in the market. Data from CryptoQuant indicates a total absence of whale orders in the spot market.
Source: CryptoQuant
There have been no significant whale orders in the past 30 days, reflecting a cautious approach from large entities.
Retail Traders Drive Spot Buying
Retail participants have dominated recent spot activity, with Ethena recording three consecutive days of positive Buy-Sell Delta.
Source: Coinalyze
The spot market has seen a positive Buy-Sell Delta of 8.33 million, indicating higher buying pressure relative to selling.
Price Prediction
Ethena recently bounced off its low of $0.55 and defended the $0.60 support level. The price momentum appears strong, with buyers in control.
Source: TradingView
If buyers maintain the price above $0.70, a push towards $1 may be plausible. However, failure to hold this zone could drag ENA back to $0.55.
