- ENA was testing key support at $0.4847, with potential resistance levels at $0.5126 and $0.5657.
- A surge in new addresses suggested rising investor confidence, supporting ENA’s potential rebound.
Ethena [ENA] has recently shown signs of a potential reversal as the TD Sequential indicator flashed multiple buy signals on the 4-hour chart, signaling a possible change in momentum.
At press time, ENA was trading at $0.4882, reflecting a 10.81% decline over the past 24 hours.
The price has experienced a significant drop, but technical analysis indicates that a potential rebound could be in the cards.
Price action and key resistance levels: Can Ethena breakthrough?
ENA’s price action has been under pressure, recently breaking through several support levels. Currently, the token is testing a critical support level near $0.4847, an important price floor.
If this level holds, ENA could reverse its downtrend and target key resistance levels at $0.5126 and $0.5657.
However, if ENA fails to hold this support, it could continue consolidating or experience further downside.
Source: TradingView
Surge in addresses: What’s driving the demand?
ENA has seen a surge in the number of addresses holding the token. Over the past week, new addresses holding ENA have increased by 238.94%, showing growing interest in the token.
Active addresses have also risen by 97.84%, indicating that investors are holding their positions rather than trading frequently. This increase in addresses could provide long-term support for ENA at lower price levels.
It suggests that investor confidence is rising despite the current downtrend.
Source: IntoTheBlock
Transaction stats: Insights into market activity
Looking at the transaction statistics, there’s a noticeable shift in the transaction volume across various price ranges.
The majority of transactions are happening between $0.00 and $1k, signaling that smaller investors are actively participating.
Interestingly, the volume of transactions for higher amounts has decreased significantly, which may indicate a lack of larger investor interest at the current price.
This could mean that ENA’s price is being supported by retail traders, but institutional involvement is limited for now.
Source: IntoTheBlock
How are ENA investors positioned?
The In/Out of the Money chart reveals that a majority of addresses are currently in profitable positions, with 69.66% of holders sitting in the money.
However, 10.18% of investors are still out of the money, which indicates a significant amount of resistance ahead. Therefore, if the coin’s price approaches the $0.5126 to $0.5657 range, it might face selling pressure as these investors look to break even.
Source: IntoTheBlock
Will ENA rebound or continue its downtrend?
ENA has the potential to rebound if it can hold support at the current levels and break through key resistance.
The positive surge in new addresses, coupled with the recent buy signals from the TD Sequential indicator, suggests a possible upside.
Read Ethena’s [ENA] Price Prediction 2025-26
Therefore, ENA could see a reversal towards $0.5126 and beyond if momentum picks up. However, traders should remain cautious, as failure to hold support may lead to further downside.
