Key Insights
- •Ethena surges 6.58%, breaking key resistance with a bullish target set at $0.3700 by analysts.
- •Analyst warns traders to wait for recovery signs despite bullish breakout and growing market activity.
- •Whale wallet acquires 25M ENA from Bybit, boosting sentiment with a $6.7M purchase confirmation.
Ethena (ENA) has broken out of a key trading range, confirming what several market watchers had expected. With a current price of $0.261236 and a 6.58% gain in the last 24 hours, traders are now eyeing a possible rally toward the $0.3700 level. Trading volume has also increased sharply, now standing at over $244 million within 24 hours.
This breakout is gaining attention across the market, where some believe the move signals the start of a bullish trend. Others remain cautious and urge for confirmation of recovery before taking positions.
ENA Breakout Toward $0.3700 Target
Clifton Fx, a market analyst, has confirmed a bullish breakout for ENA, projecting a potential rally toward the 0.3700 level. According to the analyst, this move aligns with earlier forecasts, signaling a strong continuation of upward momentum.
The breakout confirmation suggests increased buying pressure and renewed investor confidence in the asset. Technical indicators referenced in previous analysis pointed to a breakout pattern forming, which now appears validated with price action surpassing resistance levels.
With market sentiment appearing uncertain, analysts highlight that patience could prove more strategic than early entry.
ENA Needs Recovery Signs Before New Entries
However, Crypto analyst Sjuul has flagged a critical juncture for $ENA, describing the current price zone as a “do-or-die level.” Sjuul noted that the coin, once recognized for its strong performance, is now testing a major support level. While the chart reflects historical strength, Sjuul cautions against premature entries, advising traders to wait for a confirmed sign of recovery before considering action.
He emphasizes that this zone may appeal only to those with strong conviction in the project’s long-term viability. The remarks come amid a broader market slowdown and declining momentum for several altcoins, including ENA, which has failed to maintain its earlier bullish trajectory.
The current trend shows renewed interest and large purchases, with traders watching closely for a possible rally.
Whale Accumulation Sparks Momentum
Large wallet activity is gaining attention in the ENA market. A wallet linked to Ethena Labs recently purchased 25 million ENA tokens from Bybit. The transaction was worth around $6.7 million.
This brings the total holdings of that wallet to 285.15 million ENA, currently valued at over $76 million. This purchase has added to the positive sentiment around the token. Analysts often view such activity as a signal of growing confidence.