Ethena (ENA), a crypto token, has witnessed a price surge, re-capturing the $1 mark in the last 24 hours. According to on-chain data analysis platform Spot On Chain, a top whale address initiated substantial trading activity, potentially fueling the price rally.
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Whale Trading Activity Sparks ENA Price Pump
Spot On Chain reported that a whale investor, identified as 0x4f6, withdrew 2.65 million ENA tokens (worth approximately $2.98 million) from the cryptocurrency exchange Bybit within the past 20 hours. This transaction, executed at an average price of $1.13, is believed to be the first significant ENA trade initiated by this whale.
Notably, the same whale address had previously traded seven other tokens on Bybit, including ENS, CYBER, LINK, FTM, SAND, MANA, and AEVO. The analysis estimates that the whale’s trading activities across these assets resulted in a total profit of $347,000, with an impressive win rate of 71.4%.
Key Resistance Level Looms for ENA
While the price surge has fueled bullish sentiment, analysts are closely monitoring a crucial resistance level that could determine ENA’s near-term trajectory. Crypto analyst Crypto Tony has identified a potential resistance zone for ENA around $1.16 on the daily timeframe.
Crypto Tony’s analysis, based on a 12-hour candlestick chart, reveals that the ENA price was trading at $1.205 at the time of the analysis, with the latest candlestick showing a positive movement of +10.65%. The presence of wicks (thin lines extending from the candlestick body) suggests volatility within the 12-hour periods, with price movements extending beyond the open and close levels.
A breakthrough above the $1.16 resistance level could signal further bullish momentum for ENA, potentially attracting additional buying interest. Conversely, a rejection at this level could lead to profit-taking or a retracement.
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Furthermore, as of this writing, the price of ENA stands at $1.24, marking an 11.27% increase over the last day. It has already surpassed the resistance level, signalling that ENA might be on the verge of a continued uptrend, in line with Tony’s analysis.
While the developments surrounding ENA have captured the attention of traders and analysts, it is crucial to remember that cryptocurrency markets are highly volatile, and investing in them involves inherent risks. Investors should exercise caution, conduct thorough research, and manage their risk exposure accordingly.
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