Ethena’s ENA token experienced a significant price surge this week, climbing 31% from $0.51 to establish a new 7-month high of $0.855. This rally marks the token’s strongest performance in recent months and appears primarily fueled by heightened network activity and robust retail investor demand.
Market data analytics firm Santiment reported that Ethena logged a positive Price DAA Divergence consistently for the preceding seven days. This metric suggests underlying fundamental demand strength and retail buying pressure far outweighing selling activity. Supporting this, the ENA/BUSD pair on spot exchanges recorded a positive Buy-Sell Delta of 8.33 million.
Despite the surge in retail participation and corresponding capital inflows, which increased by 9.05% over the last 24 hours, large-scale investors known as ‘whales’ have demonstrated caution. On-chain data reveals no significant whale orders involving ENA across tracked exchanges for the past 30 days.
Analysts indicate that maintaining the price above the crucial $0.70 support level is vital for sustaining the bullish momentum; a successful hold opens the potential for ENA to target the $1 level. Conversely, failure to sustain above this zone could trigger a retracement, potentially dragging the price back towards the $0.55 area.