Can ENA break the $1 threshold without whale support?

Ethena (ENA) has recorded an impressive growth of 30.98% in the past week, from $0.51 to the highest level in 7 months at $0.855. The strength of ENA is not only reflected in the weekly chart but also spreads across the monthly and yearly charts, with increases of 143% and 152%, respectively.

At the time of writing, ENA is trading at $0.8112, up 9.05% in just the past 24 hours. This growth is supported by increasing network activity, positive market sentiment, and stable capital flow.

Naturally, investors are currently stepping into the next price increase of ENA.

The adoption of the network reaches a record level

Data from Santiment shows that Ethena has recorded a positive DAA price divergence for seven consecutive days. Here, it is important to note that prolonged positive DAA divergence is a sign that underlying demand is increasing, especially as the levels of network usage and interaction are also on the rise.

Source: SantimentIn such cases, assets are often undervalued compared to the level of network activity. This often implies that there is additional room for growth as prices begin to align with market demand.

At the time of writing, on-chain profits seem to reinforce this view, with a profit-to-loss transaction ratio of 4.16, where there are 75.38 million profitable transactions compared to 18.08 million losing transactions.

Source: Santiment## Are whales cautious at this time?

Surprisingly, despite the price increase, Ethereum whales have not yet appeared in the market. Data on the average spot order size from CryptoQuant shows a complete absence of whales in the spot market.

Source: CryptoQuantAccording to the mentioned chart, there have been no large whale orders in the past 30 days. Additionally, data on the average order size of futures contracts also shows a lack of similar large positions.

This model is also reflected in the futures market, where whales have also temporarily stepped back – a sign that speculative activity from large entities is decreasing.

Source: CryptoQuantWhen whales withdraw from both the spot market and futures contracts, it reflects a cautious approach as they wait for momentum to act.

Retail investors drive buying activity

Finally, it is noteworthy that retail investors have dominated recent spot trading activity. According to Coinalyze, Ethena recorded three consecutive days with a positive (Delta) trading volume spread. At the time of writing, ENA recorded 84.2 million in buying volume compared to 75 million in selling volume.

Source: CoinalyzeAs a result, the spot market has witnessed a positive buy-sell ratio of 8.33 million – a slight increase from the 8.09 million of the previous day. Typically, a positive Delta indicates higher buying pressure compared to selling pressure, which is often a sign of upward price movement on the chart.

Price Prediction ENA

ENA recently bounced back from a recent low of $0.55 and successfully defended the support level of $0.60. Shortly after, the price surged, with the Parabolic SAR falling below the price candles. Usually, when the price rises above the SAR, it indicates that buyers are in control and the upward momentum could be very strong. Furthermore, the Stochastic RSI has risen to 85.37, further reinforcing the presence of buyers.

Source: TradingViewIf buyers maintain the price above $0.70, the possibility of pushing the price up to $1 is entirely feasible. However, if this price level cannot be held, ENA may revert to the level of $0.55.

Mr. Teacher