Key Takeaways
The emerging cup-and-handle pattern, combined with stronger on-chain demand and rising social dominance, suggests that ENA could test higher resistance levels around $0.79–$0.86 in the near term.
Over the last 96 hours, more than 140 million Ethena [ENA] tokens have been withdrawn from exchanges, signaling a major shift in investor behavior toward long-term holding.
Such movements reduce available liquidity and often foreshadow higher volatility, since fewer tokens are accessible for quick selling.
Historically, consistent outflows reflect stronger conviction among large holders who anticipate favorable price action ahead.
However, the market still trades below critical resistance zones, leaving investors cautious.
Therefore, the big question remains whether this accumulation trend is enough to trigger a new wave of upward momentum.
Can the cup-and-handle formation drive a breakout from Fibonacci resistance?
The daily ENA chart shows a developing cup-and-handle structure, which traditionally signals bullish continuation. Price recently tested $0.617, the 0.236 Fibonacci retracement, and rebounded toward the $0.68–$0.73 range.
A breakout above $0.79, aligning with the 0.618 level, could confirm strong bullish momentum, opening a path toward $0.86 and potentially $0.96.
However, failure to hold above $0.62 would invalidate the structure and risk retesting $0.58 support.
Traders must closely monitor price reaction around these Fibonacci clusters as they will determine the next decisive move.
Source: TradingView
Is rising social dominance fueling speculative hype?
Social Dominance for ENA has recently spiked back toward 0.22%, showing that online discussions and community engagement are intensifying.
In many cases, surging social metrics indicate growing speculative interest that can drive short-term rallies.
However, excessive attention can also lead to sharp corrections if hype outpaces actual demand.
This renewed online buzz around ENA coincides with its technical rebound, suggesting that traders are paying closer attention.
Whether social chatter converts into sustained buying pressure will play a pivotal role in upcoming price action.
Do daily active addresses confirm stronger network demand?
On-chain data reveals a divergence between ENA’s daily Active Addresses and price movement, with addresses climbing while price consolidates around $0.65.
This pattern often highlights hidden demand strength, suggesting that more users are interacting with the network despite sideways price action.
Sustained address growth could eventually translate into real buying momentum if fundamentals align with technical setups.
However, if address activity stalls, recent price stability might give way to weakness. Therefore, the divergence trend remains one of the most important signals to track in coming sessions.
Conclusively, with whales accumulating, a bullish chart structure forming, and on-chain metrics improving, Ethena looks primed for a potential breakout.
The decisive test lies around $0.73–$0.79 resistance, where success could open a run toward $0.86 and beyond, while failure risks deeper retracement.
