Ethena (ENA) Gains Momentum as Holders Reach New Profitability Milestones

Ethena (ENA) is currently experiencing a significant surge in market optimism, driven by a substantial increase in the number of holders sitting in profitable positions. With on-chain data showing that gains are heavily outweighing losses, the asset appears to be entering a phase of sustained bullish pressure supported by both institutional players and retail investors alike.

Unified Market Sentiment Between Whales and Retail

The ratio of daily transaction volumes in profit compared to those in loss recently surged to 1.41, a peak not seen since the beginning of the month. This shift suggests that a vast majority of market participants are now operating above their cost basis, reducing the immediate urge to sell and instead encouraging a "hold" strategy to maximize future returns. Furthermore, data reveals a rare alignment in market bias; whale activity is increasing through larger order sizes while retail participation follows a similar upward trajectory, creating a balanced distribution of buy orders that could lead to an explosive move.

Technical Breakouts and Future Targets

From a technical standpoint, ENA’s price action remains firmly within a bullish structure, consistently respecting an ascending trendline that dates back to the network's partnership with Coinbase in June. The altcoin recently successfully pushed past its 20-day Exponential Moving Average (EMA), a move complemented by widening Bollinger Bands that hint at rising volatility. If buyers maintain this current momentum and continue to absorb supply, the next major hurdle for ENA is the resistance level at $0.0985, which serves as the primary target for the ongoing trend.