Ethena (ENA) Eyes Breakout as Bullish Momentum Accelerates
Ethena (ENA) has made an impressive climb on the charts over the past week. The altcoin surged from a local low of $0.25 to a recent high of $0.35, and at the time of writing, it was trading at $0.3342—marking a 6.67% gain over the last 24 hours.
Zooming out, ENA has posted a weekly gain of 8.04%, although it’s still recovering from a 3.54% dip recorded on the monthly chart. This recent upward push has caught the attention of analysts, many of whom are forecasting a continued rally.
Crypto strategist Ali Martinez points out that ENA appears to be on the verge of breaking out from an inverse head and shoulders pattern—a historically bullish setup. Should this breakout materialize, the altcoin could target the $0.39 level, building on a strong history of similar movements. Notably, a similar breakout in December 2024 propelled ENA from $0.90 to $1.32.
Sentiment around ENA has turned decisively bullish. According to AMBCrypto, Spot Netflow data reveals a negative netflow of -693.2k, indicating significant outflows from exchanges—a sign that investors are moving tokens into private wallets and are likely buying.
Futures data supports this bullish outlook. Buy volume surged to 173.72 million ENA tokens over the past 24 hours, suggesting aggressive accumulation by investors. Simultaneously, Aggregated Open Interest jumped from $262 million to $278.2 million, reinforcing the notion that traders are opening new long positions.
A positive Aggregated Funding Rate further supports this trend, signaling that the majority of positions are now long—evidence of growing confidence in ENA’s upside potential.
With strong buying activity, rising open interest, and bullish technical patterns, Ethena is well-positioned to continue its upward march. If current momentum holds, a breakout above $0.37 could pave the way for a move toward $0.39. However, if the trend loses steam, a correction back to $0.30 remains a possibility.
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