Ethena (ENA) has recently captivated the cryptocurrency market with a notable price surge and heightened trading activity. This sudden momentum, influenced by external geopolitical factors and significant whale movements, has sparked considerable debate and speculation regarding the token's immediate future and potential trajectory.
Geopolitical Spark and Founder's Accumulation
The primary catalyst behind ENA's impressive 18% price jump and a substantial 45% increase in trading volume was a remark by former U.S. President Donald Trump, who suggested accelerating a 100% tariff deadline on China. This unexpected statement triggered a renewed wave of investor interest in ENA. Adding further fuel to the bullish sentiment, a multisig wallet associated with Ethena's founder strategically acquired 48 million ENA tokens, valued at over $20 million, from leading exchanges in the days leading up to the price surge.
Technical Hurdles and Divided Sentiment
Despite the recent rally and bold predictions on social media platforms suggesting ENA could reach $1.30 or even $1.40, technical analysis reveals a critical juncture for the asset. ENA is currently navigating a downtrend, encountering significant resistance at the $0.4740 level. A decisive breakthrough above this point could pave the way for a 27% price surge towards the $0.60 mark, supported by strong directional momentum indicated by the Average Directional Index (ADX) at 41. Conversely, failure to overcome this resistance could lead to sideways consolidation or a continuation of its downward trend. Derivatives data further highlights a divided market, with a notable inflow of ENA to exchanges (suggesting potential selling) juxtaposed against a stronger preference for long positions, reflecting a prevailing, albeit cautious, bullish outlook among many traders.
