ENA Bulls Eye $0.10 Breakout as Whale Accumulation and Staking Soar
Ethena (ENA) is gaining bullish momentum after reclaiming a key technical support level. Analysts are watching for a confirmed breakout, which could extend the rally.
The ENA price has improved its short-term technical structure after turning the 200-period EMA into a key support level on the four-hour chart. This move above $0.0935 would be seen as an indication of a successful clearance of the supply zone, allowing the ENA price to rise to $0.1020.
Rising staking activities have caused 7.58% of ENA's total supply to get locked up, reinforcing positive market sentiment and supporting expectations for further upside. The upcoming approval of the Clarity Act could further boost sentiments for ENA, causing it to cross $0.14, its peak since early February.