• Ethena (ENA) surged 19.08% in 24 hours, breaking out of a bullish flag at $0.6827.

  • Trading volume rose 118.63% to $1.48 billion, with a market cap of $4.86 billion.

  • Fibonacci extensions project targets up to $1.50, with intermediate resistance at $0.90 and $1.20.

Ethena (ENA) has posted a sharp rally, recording a 19.08% increase in the past 24 hours to trade at $0.7275. The asset’s market capitalization now stands at $4.86 billion, supported by a trading volume of $1.48 billion in the same period. 

The rally out with a bullish flag on the 4-hour chart has put the token on a course to hit the expected target of $1.50. The insights of technical analysis point to the breakout point of $0.6827, and a strong propulsion towards greater Fibonacci extension levels.

Price Action and Technical Structure

The 4-hour chart shows ENA consolidating in a symmetrical flag pattern before breaking to the upside. The breakout was occurring near the 0.786 Fibonacci retracement level at $0.6827, with a swift move higher above $0.70. This breakout formation has been in confluence with the asset's broader uptrend, which was initiated in mid-July.

https://twitter.com/ali_charts/status/1954029369170579766

Measured from the breakout, the target path extends towards the 1.786 Fibonacci extension level, which suggests a target of approximately $1.50. The price action has followed a consistent upward channel since the breakout, and the next intermediate resistance levels appear to be at about $0.90 and $1.20.

ENA Sees Surge in Trading Activity and Network Participation 

Market participation has increased notably during the current move. The 24-hour volume surged 118.63%, reflecting heightened trading activity. The volume-to-market-cap ratio currently stands at 29.61%, indicating strong turnover relative to market size.

Source: CoinMarketCap

Holders of ENA have reached 73,350 addresses, marking an increase in network participation during the rally. The fully diluted valuation (FDV) is now at $11.02 billion, with the unlocked market cap closely matching at $4.87 billion. These metrics underline that the breakout has been accompanied by significant liquidity inflows. This aligns with the sharp increase in price observed during the recent trading sessions.

Short-Term Levels and Projections

From a short-term perspective, price has immediate support near the breakout level of $0.6827. Bullish continuation of this level would allow the structure to remain bullish. The current price of $0.7352 is still above the 0.786 Fibonacci breakout, which will make the breakout stronger.

The multiple coordinations imply intermediate levels at the 1.0 Fibonacci extension (0.8276) and the 1.272 (0.9871). Provided that momentum is maintained, the following area is the 1.618 extension ($1.2147) prior to the estimated $1.50.

The upward trend in the chart indicates a gradual rise with no sudden corrections, indicating a steady period of rally. Price movements over the coming sessions will likely center on testing the $0.90 area as a key step toward higher extensions.