ENA breaks the 30-day peak, is the upward signal continuing?

The explosive surge of Bitcoin to a new historical peak – surpassing the 117,000 USD mark – has created a strong recovery wave across the market, especially with altcoins.

Among them, ENA (, the native token of Ethena), is the most prominent name, having increased by over 20% in just the past 24 hours, becoming the best-performing altcoin in the market to date.

ENA leads the trend

Currently, ENA is trading at its highest level 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 rising as investors seek to catch up with the market's upward momentum in the past 24 hours.

ENA's Inflow/Outflow Chart in the Spot Market | Source: CoinglassAccording to data from Coinglass, the net inflow into ENA's spot market on Friday reached 3.37 million USD – the highest level since May 12. This figure clearly reflects the increase in investor confidence in ENA's short-term prospects.

The surge in cash flow is a confirming signal of a positive shift in the overall market sentiment towards an asset. An increase in net cash flow means there are more buyers willing to pay market prices to acquire the asset immediately.

In addition, the open contract volume (OI) of ENA in the derivatives market also increased by 8% in the past 24 hours, reaching 425 million USD – the highest level since June 16.

ENA OI Chart | Source: CoinglassOI is an index that measures 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 growing confidence in the upward trend of ENA, especially when traders start to open positions to benefit from the price increase.

This is also reflected in the funding rate of ENA, currently at 0.0062%. The funding rate is a mechanism that helps keep the futures contract price close to the spot market price in perpetual contracts.

Funding rate chart of ENA | Source: CoinglassPositive funding rate indicates that long position holders are paying fees to the short side – a sign that the market is consolidating for an upward trend as traders are willing to maintain leveraged long positions with the expectation that prices will continue to rise.

Bullish ENA Dominance

Data from the ENA/USD daily chart shows that this altcoin is trading significantly higher than the 20-day exponential moving average (EMA 20). As of the time of writing, this EMA is creating a dynamic support zone around the 0.28 USD mark – below the current price of ENA.

The EMA 20 represents the average price over the last 20 periods, with a higher weight given to more recent prices. When the price is above the EMA 20, it reflects that bullish momentum is prevailing and buyers are in control of the market.

If this trend continues, ENA may extend its rally and move towards the resistance level of 0.37 USD. If it successfully breaks through this resistance level, the price of ENA could aim for the mark of 0.41 USD.

ENA price analysis chart | Source: TradingViewHowever, if profit-taking pressure increases, this bullish scenario may be invalidated. When selling pressure increases significantly, ENA may correct down to the support zone of 0.32 USD before establishing the next trend.

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