The explosive rise of Bitcoin to a new all-time high – surpassing 117,000 USD – has created a strong recovery wave across the market, especially with altcoins.
Among them, ENA (the native token of Ethena) is the standout name, having increased more than 20% in just the past 24 hours, making it the best-performing altcoin in the market at this point.
ENA leads the trend
Currently, ENA is trading at its highest in 30 days, thanks to a significant increase in investment demand. The inflow of funds into ENA in the spot market has surged to its highest level in the past two months, indicating that demand is rapidly increasing as investors seek to catch up with the market rally over the past 24 hours.
According to data from Coinglass, the net inflow of funds into the ENA spot market on Friday reached 3.37 million USD – the highest level since May 12. This figure clearly reflects the increasing confidence of investors in the short-term prospects of ENA.
A surge in spot market inflows is a signal confirming the positive shift in overall market sentiment towards an asset. An increase in net inflows means more buyers are willing to pay market prices to own the asset immediately.
Additionally, the Open Interest (OI) of ENA in the derivatives market has also increased by 8% in the past 24 hours, reaching 425 million USD – the highest level since June 16.
OI is an indicator measuring the total value of futures contracts that have not been settled. When OI increases, it indicates that new capital is flowing into the market, reflecting an increasing confidence in ENA's bullish trend, especially as traders begin to open positions to benefit from the price increase.
This is also evident through ENA's funding rate, which currently stands at 0.0062%. The funding rate is a mechanism that helps keep the price of futures contracts close to the spot market price in perpetual contracts.
A positive funding rate indicates that Long position holders are paying fees to the Short side – a market signal reinforcing the bullish trend as traders are willing to hold leveraged Long positions with the expectation that prices will continue to rise.
ENA bulls dominate
Data from the ENA/USD daily chart shows that this altcoin is trading significantly above the 20-day exponential moving average (EMA 20). At the time of writing, this EMA is creating a dynamic support zone around the 0.28 USD mark – below ENA's current price.
EMA 20 reflects the average price over the last 20 sessions, with higher weight given to more recent prices. When the price is above the EMA 20, it reflects that bullish momentum is dominant and buyers are in control of the market.
If this trend continues, ENA could extend its rally and approach the 0.37 USD threshold. If it successfully breaks through this resistance level, the price of ENA could aim for the 0.41 USD mark.
However, if profit-taking pressure increases, this bullish scenario could be invalidated. When selling pressure rises sharply, ENA may adjust downwards to the support zone of 0.32 USD before establishing the next trend.