- ENA jumped nearly 70% since May 7, hitting $0.45 before dropping.
- Analyst sees bullish double bottom forming; predicts $0.90–$1 by Q3.
- Over $100M in ENA is being accumulated on Binance, showing demand.
The Ethena (ENA) token made headlines this week, with whale activity and a sharp market recovery pushing its price higher. Since May 7, ENA has delivered an impressive rally of nearly 70%, with a 25% surge in the past week alone, outperforming many altcoins. ENA hit a monthly high of $0.45 before reversing. It is now down by more than 12% and is trading at $0.37.
The token is still down 75% from its all-time high of $1.52, but a decisive break above key resistance levels could trigger a major rally.
Analyst AM Crypto recently shared an update on ENA. There is a double bottom pattern forming on the daily chart — a bullish signal. Since ENA has a high correlation with Ethereum, it’s expected to outperform ETH if the market rises.
Over $100 million worth of ENA is currently being accumulated on Binance, showing strong demand. Based on this, the analyst believes that a price of $0.90 to $1 by Q3 is a real possibility. The token’s Relative Strength Index (RSI) is currently above 50, pointing towards a bullish trend.
Notable Whale Makes Large ENA Deposit to Binance
In other news, a whale recently unstaked and deposited 14.83 million ENA, valued at $5.59 million, into Binance. This move followed the whale’s earlier withdrawal of 22.63 million ENA (worth $11.84 million) from Binance and Bybit.
Related: Crypto Market Cap Nears $3.5 Trillion As TOTAL3 Chart Signals Altcoin Breakout Ahead
Despite earning 577,000 ENA from staking, the whale remains at a $3.21 million loss, still holding 3 million ENA worth around $1.12 million.
Bitcoin’s Influence on Ethena (ENA) and Altcoin Market
As always, Bitcoin’s price action remains a major influence on ENA and the wider crypto market. BTC recently faced resistance at a key level of $105,000 and is undergoing a minor pullback.
Related: Watch XRP, ADA, HBAR, QNT Carefully as Bitcoin Enters Correction Mode
If Bitcoin stabilizes or begins a new upward move, altcoins are expected to follow suit, possibly triggering a market wide surge. Bitcoin is currently trading slightly above the $102k mark and is down by 2% in the last 24 hours.
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