$ENA —there’s something going on here.
It jumped 1.7% in 15m, with volume hitting 4x and a Z-score of 4.11. This isn’t some sluggish, low-energy market. The key is that OI rose alongside it: +0.78% over 15m and +0.77% over 1h, with the combined notional change exceeding 6M USDT. New leveraged longs are entering—not just shorts covering, which would be a less meaningful move.
The taker volume imbalance is 23.2%, and the buy/sell ratio is 1.61—clearly, buyers are driving the move. The closing price pushed right through the upper end of the past 20 or so 5m candles, reaching the boundary of the recent range.
The anomaly percentile is 100%, ranking #2 across the entire pool, while notional change ranks #3. This level is already near historical extremes, and the move has continued across multiple timeframes. The funding rate has also climbed to a high percentile relative to recent levels.
24h trading volume is around 140M, and depth confirmation has followed through as well. With this kind of structure, either a trend is just getting started, or this is the final push before a violent rotation. I’m not keen on trading against the move when OI and price are heading in the same direction, so for now I’ll watch to see whether it can hold above the top of this range.
It jumped 1.7% in 15m, with volume hitting 4x and a Z-score of 4.11. This isn’t some sluggish, low-energy market. The key is that OI rose alongside it: +0.78% over 15m and +0.77% over 1h, with the combined notional change exceeding 6M USDT. New leveraged longs are entering—not just shorts covering, which would be a less meaningful move.
The taker volume imbalance is 23.2%, and the buy/sell ratio is 1.61—clearly, buyers are driving the move. The closing price pushed right through the upper end of the past 20 or so 5m candles, reaching the boundary of the recent range.
The anomaly percentile is 100%, ranking #2 across the entire pool, while notional change ranks #3. This level is already near historical extremes, and the move has continued across multiple timeframes. The funding rate has also climbed to a high percentile relative to recent levels.
24h trading volume is around 140M, and depth confirmation has followed through as well. With this kind of structure, either a trend is just getting started, or this is the final push before a violent rotation. I’m not keen on trading against the move when OI and price are heading in the same direction, so for now I’ll watch to see whether it can hold above the top of this range.