BitSky000
08/07 16:03
Ethena Price Aims $1 With Golden Cross & Whales St
Ethena Price Aims $1 With Golden Cross & Whales Stashing Big
The Ethena price is making waves in Q3, which are mainly fueled by whale accumulation, rising USDe demand, and major technical breakouts. With the token recovering quickly despite its recent token unlock event, it is surprising that the market appears increasingly confident in ENA crypto’s long-term prospects. Also, experts and investors alike are hoping for a potential breakout above $0.70 that could set the stage for a rally to $1.
ENA Shows Strong Resilience Amid Token Unlocks
As it was evident on the daily chart, the month of July was magnificent, as Ethena price saw a significant surge from lows of $0.23 to a peak of $0.70, placing it among the most bullish performers in the altcoin market.
Even after this rally, the retracement was limited, which showcased its underlying strength to hold on to its recently achieved gains. In early August, it further reinforced its resilience when ENA bounced off the $0.52 support zone despite a massive token unlock event.
Investors showed little concern over the unlock, but that was not enough to hold its rally, which is now signaling strong confidence in the project’s fundamentals.
Even whale investors doubled down on ENA when an analyst revealed his observation that wallet addresses holding between “10 million and 1 billion ENA” have collectively stashed over 1 billion tokens, and now totaling 6.3 billion ENA. This was a well-strategized accumulation and signifies bullish strength in ENA.
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