Y $ENA currently the chart looks almost abnormal.
Vertical growth, huge volumes, RSI already above 80 — from the outside it really does look like a move after which you just want to open a short and wait for a pullback.
But here I wouldn’t rush.
ENA currently has several factors that make this pump a little different. Arthur Hayes publicly talked about the potential for 5x and he himself was actively building a position. Plus, more and more institutional liquidity is appearing around Ethena — including a $1 billion deal with FalconX.
At the same time, the project’s fundamentals keep improving: USDe holds a multi-billion TVL, the protocol generates substantial revenue, and most of ENA is gradually moving into staking.
Yes, after a move like this, a pullback to $0.11–0.12 would not look surprising at all. RSI is overheated, and vertical moves rarely continue without a pause.
Vertical growth, huge volumes, RSI already above 80 — from the outside it really does look like a move after which you just want to open a short and wait for a pullback.
But here I wouldn’t rush.
ENA currently has several factors that make this pump a little different. Arthur Hayes publicly talked about the potential for 5x and he himself was actively building a position. Plus, more and more institutional liquidity is appearing around Ethena — including a $1 billion deal with FalconX.
At the same time, the project’s fundamentals keep improving: USDe holds a multi-billion TVL, the protocol generates substantial revenue, and most of ENA is gradually moving into staking.
Yes, after a move like this, a pullback to $0.11–0.12 would not look surprising at all. RSI is overheated, and vertical moves rarely continue without a pause.