Is ENA the Next Big Altcoin? Whales Pour In as Price Climbs Rapidly

Ethena (ENA) is quickly gaining attention following a sharp 70% price rally since May 7, placing it among the top-performing altcoins over the past week. The token surged by 25% in just seven days, hitting a monthly high of $0.45 before correcting to $0.37, where it is currently trading.

While there has been a recent decline, the surge was backed by an increase in whale deals and exchange holdings. Large investors are snapping up ENA on Binance, proving much interest in the token.

A big whale sent 14.83 million ENA, valued at $5.59 million, to Binance, which caught the attention of many. Before this, the same wallet had removed 22.63 million ENA from Binance and Bybit. Whale’s total balance is $3.21 million down, even though earnings were 577,000 ENA through staking, and their original 3 million ENA is still worth approximately $1.12 million.

In addition to observing these significant movements, analysts also look at patterns that show likely further increases. As noted by AM Crypto through X, a double bottom has formed on the daily chart, a sign of an upcoming bullish shift. Should this confirmation occur, it may signal a change in direction for ENA and lead to a broader improvement.

Also Read: Ripple’s XRP Poised to Power Future of Banking as Santander Unveils 2030 Plan

Rising Momentum and Ethereum Correlation Fuel Optimism

ENA also shares a high correlation with Ethereum, which could help boost its performance if the broader crypto market strengthens. Analysts believe this connection gives ENA a competitive edge, especially in bullish conditions.

Besides, the token’s Relative Strength Index has risen above 50, suggesting buyers are currently more active in the market. Consequently, AM Crypto predicts that if accumulation continues and the market remains in a good mood, ENA’s prices could be in a range of $0.90 to $1 by Q3.

It is very important to understand how the broader market is affected by Bitcoin, especially as BTC failed to hold above $105,000 and has slipped slightly to $102,000 in the past 24 hours. If Bitcoin starts rising again, it could help altcoins like ENA increase in value.

An increase in whale investment, exciting chart patterns, and more focus on ENA are making it an important altcoin choice. Now, investors and analysts are observing whether the company will close in on reaching a $1 share price.

Also Read: Ripple CEO Shocks Crypto World: Says XRP Is What Bitcoin Tried to Be

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