The 14% growth of Ethena [ENA] has pushed this asset towards a significant resistance level that has a history of reversal.

Despite this critical price zone, the bold forecasts of experts and the increasing accumulation among the top 100 holders indicate that ENA has the potential to break above this extended barrier this time.

At the time of writing, ENA has risen 14.22% in the last 24 hours and is currently trading at $0.123.

Along with the price increase, market participants have shown significant interest in this asset, as trading volume rose by 72% to 283.55 million USD during the same period.

Ethena approaches a key resistance level.

On the daily chart, ENA shows bullish signals as it has recently broken out of a descending price channel. However, due to key resistance at 0.1345 USD, the price seems to be struggling to continue its growth.

The daily chart shows that ENA has faced this resistance level since early February 2026.

Source: TradingView

The current price action suggests that if ENA successfully breaks above this crucial level, it could see a price increase of more than 45% and reach 0.198 USD.

However, if it fails to achieve this, the likelihood of a significant decline may arise.

At the time of writing, the technical indicators Money Flow Index (MFI) and Chaikin Money Flow (CMF) are at 86.01 and -0.02 respectively, indicating that the asset is in overbought territory with weakening capital inflows.

This indicates a potential slowdown or a short-term correction in price momentum.

ENA: Derivative and on-chain signals flashing bullish signs.

The Nansen analytics tool reveals that large entities and long-term holders, such as the top 100 addresses, have shown strong interest in this asset.

According to data, over the past 30 days, these top entities have increased their ENA holdings by 4.85%, indicating a potential buying opportunity.

Source: Nansen

In addition to long-term holders, short-term traders are also following the current market trend.

Data from the CoinGlass derivatives tool reveals that 0.1204 USD below and 0.1262 USD above are two significant liquidity levels.

At these levels, traders are using excessive leverage, with a massive long position volume valued at 3.31 million USD and a short position valued at 1.20 million USD being accumulated.

The imbalance between these long and short positions indicates that the bulls are currently dominating the asset and are aiming for even higher gains.

Source: CoinGlass

Data further reveals that the Open Interest (OI) of ENA has increased by 12.82% to 251.47 million USD, indicating a rise in trader participation and growing market interest.

This increase in OI, combined with bets on long positions, has reinforced the bullish outlook for ENA.

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