Ethena’s ENA token saw an 11.55% surge in Open Interest and a 5.08% price increase over 24 hours, bouncing from a local support near $0.094. Whale activity spiked in spot markets, but analysis suggests the bullish momentum may be short-lived, with a potential liquidity sweep toward $0.120-$0.125 before a possible return to bearish pressure.
The Ethena token ENA experienced an 11.55% increase in Open Interest alongside a 5.08% price bounce in the past day. This increased speculative demand emerged as the token rebounded from local support around $0.094.
A recent report noted that ENA whale orders spiked in the spot markets during significant price dips. Large orders during significant price dips generally indicate smart money stepping in, which can halt the downtrend.
However, this sign alone is not considered sufficient to mark a market bottom. Analysis of higher timeframe charts indicates why the ENA bullish momentum might be short-lived.
The token’s downward momentum began to slow in February, with a bullish divergence developing on the daily chart. The bounce from the $0.095-$0.097 lows is viewed as a relief rally within a broader downtrend.
The high speculative interest, trading volume, and swift gains are likely part of a healthy retracement. Traders shouldn’t be preparing to buy the bounce but sell into it.
In the short term, the $0.120-$0.125 area is identified as a nearby notable magnetic zone on the liquidation heatmap from CoinGlass. It is considered highly likely that ENA will gravitate higher to sweep this liquidity cluster.
This target aligns with the 78.6% Fibonacci retracement level on the 4-hour chart. For a trend reversal, the $0.131 high must be breached within the context of the wider market structure.
