What to know:
- Ethena (ENA) recorded its strongest wallet growth in over three months, signaling renewed investor interest.
- Whale accumulation reached a five-week high after Grayscale Investments added ENA to its DeFi Fund with a 13.59% allocation.
- The Ethena price is consolidating near $0.1175, with analysts targeting the upper Bollinger Band around $0.135.
Ethena has regained momentum as wallet growth and whale accumulation reached multi-week highs, boosted by institutional interest after Grayscale Investments added ENA to its DeFi Fund. Analysts believe the upcoming fee switch proposal and improving technical indicators could support a bullish breakout for the Ethena price. According to CoinMarketCap, ENA is trading at $0.1175 with signs of stability over the last 24 hours.
Source: CoinMarketCap
Also Read: Ethena Price Forecast: ENA Shows Early Stabilization as Bearish Momentum Eases
Ethena Network Surge Points to a Bullish Breakout
Furthermore, the data from Santiment Intelligence pointed out that Ethena’s ENA token has surged back into focus after the protocol recorded its strongest daily wallet growth in more than three months, while whale accumulation climbed to a five-week high.
Analysts believe renewed momentum was fueled by several major ecosystem developments, pushing Ethena into the spotlight as traders closely monitor rising on-chain activity and investor confidence.
The interest in the project picked up momentum when Grayscale Investments allocated ENA a weightage of 13.59% within its DeFi fund on May 7.
Not long after, a USDC transaction of $310 million linked with the Ethena wallet and a brief halt of the LayerZero bridge had ENA in the limelight once again.
Source: Santiment Intelligence’s X Post
All eyes are now on Ethena’s imminent fee switch launch, which could mark a turning point for how the network profits from its operations.
According to the Ethena Foundation, all risk committee criteria have been met, with a forthcoming vote on governance in sight. The growing presence of whales suggests that big-money players are preparing their strategies ahead of a potentially positive trigger.
Ethena Price Outlook Points to a Consolidation Phase
According to TradingView, the Ethena price trend is indicating a change from the existing long-term downward trend to a stage of consolidation.
The Ethena price continues trading below its 200-day EMA of $0.19350 but has managed to find some support above both its 20-day and 50-day EMAs recently. This is indicative of the possibility of a turnaround for the Ethena price following the lows registered in mid-April.
Source: TradingView
The technical indicators show a narrowing range around $0.11761. For now, the upper boundary of the range will be the level of $0.12855, which is the 100-day EMA; the upper boundary will be set by the upper Bollinger Band at the level of $0.13519. For confirmation of an uptrend for the Ethena price, a break above the blue line is necessary.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: Ethena Price Rally to $0.80 Possible After Technical Breakout
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