Ethena surges 17% in a week! – Mapping ENA’s road to $1

Key Points

1. Ethena (ENA) broke past a key resistance level from February, turning it into support, and surged 17.6% in a week despite a recent 10.45% retracement.

2. Arthur Hayes, co-founder of BitMEX, holds 7.76 million ENA worth $4.59 million, signaling strong conviction in the token.

3. Whale accumulation of ENA increased, with addresses holding 100K-1M ENA growing from 514 to 574, indicating continued bullish sentiment.

4. The OBV (On-Balance Volume) showed steady buying pressure, but the MFI (Money Flow Index) indicated a bearish divergence, suggesting potential short-term volatility.

5. A broader crypto market dip may be imminent as Bitcoin falls below the $115K mark, which could impact ENA's price trajectory.