Ethena (ENA) Tops Cryptocurrency Market, Becomes Second-Biggest Gainer as Whales Increase Withdrawals

With strong interest from traders and investors, Ethena [ENA] topped the cryptocurrency market and became the second-biggest gainer on the 28th of November 2024.

After showing strong interest in the token, traders and investors pushed Ethena [ENA] to become the second-biggest gainer in the cryptocurrency market on 28 November 2024.

Currently, ENA is gaining a lot of attention from crypto enthusiasts as its impressive upside rally breached a crucial resistance level, shifting the overall market sentiment towards bullish.

Rising open interest, whale activity

Data from on-chain analytics firm Coinglass shows that whales and traders exhibited strong interest and confidence in the token.

According to the data, ENA futures Open Interest (OI) surged by 18% in the past 24 hours, indicating growing confidence and increased trading activity.

This breakout seems to be the potential reason for the significant rise in OI.

Increasing whale withdrawals

Moreover, Coinglass’ ENA spot Inflow/Outflow data showed that long-term holders were increasing their holdings.

Over the past few days, exchanges have seen massive outflows since 12 November 2024. This suggests that whales have been withdrawing tokens from exchanges to their wallets.

However, as the price breached the resistance level in the past two days, exchanges began witnessing inflows, indicating token deposits from wallets back to exchanges.

But these inflows are still much less than the tokens withdrawn by whales.

Examining the current participation from traders and long-term holders suggests that this upside momentum is likely to continue.

Ethena technical analysis, key levels

According to technical analysis by Coinpedia, ENA appears bullish after breaking through a strong resistance level at $0.70.

This breakout follows a prolonged period of price consolidation near the resistance.

Based on recent price action, there is a good chance that ENA could soar by 50% to reach the $1.10 level in the coming days.

On the positive side, ENA’s Relative Strength Index (RSI) suggested that the altcoin still has a lot of room for further growth in the coming days.

At press time, it stood at 64, which is below the overbought zone where selling pressure usually begins to appear.

At press time, ENA was trading near $0.72 and has registered a gain of 18% in the past 24 hours.

During the same period, its trading volume jumped by 23%, indicating heightened participation from traders and investors compared to the previous day.