Ethena (ENA) on-chain performance records a significant surge in the number of new addresses and large-value transactions.

Ethena's on-chain performance recorded a significant surge in the number of new addresses and large-scale transactions.

Ethena (ENA) has been showing a strong combination of network growth, large-scale transactions, reduced supply on exchanges, and leverage cleansing in recent times. This suggests that the cryptocurrency could be setting the stage for a potential trend reversal.

Ethena: Key Performance Indicators and Technical Analysis

In the past week, Ethena recorded a 56.43% increase in new addresses and a 37.12% rise in active addresses. Transactions in the range of $10,000-$100,000 also saw a 220% surge, while transactions in the range of $100,000-$1 million shot up dramatically by 613.64%.

This indicates significant involvement from large and institutional investors. In general, the growth in addresses and large transactions indicates a growing market interest in this crypto asset. If this trend continues, then the potential for price increases could get stronger in the near future.

ENA is showing strong accumulation behavior with total outflows from exchanges reaching $24.11 million, exceeding inflows of $19.87 million. This suggests that more ENA tokens are leaving the exchange for personal wallets or self-storage.

The derivatives market showed that there was a long squeeze, where highly leveraged long positions were massively liquidated. Long liquidations totaled $504,440, far above short liquidations of only $75,450. This indicates that many speculators suffered losses as the price approached resistance levels.

However, this leverage reset could pave the way for a healthier and more stable price structure. With less speculative exposure, room for further upside could be created if buyers come back into the market. This makes the correction an opportunity to build a more solid technical foundation.

Data from Santiment showed an increase in short-term trader activity, reflected by the Realized Cap HODL Waves (0-1 day) metric rising to 0.0915. This shows that many market participants are making transactions in a short period of time, signaling a surge in volume and liquidity.

While short-term activity can add volatility, it can also strengthen short-term momentum. With market attention refocused on ENA, there is great potential for this cryptocurrency to break through key resistance levels and enter a broader uptrend phase.

Ethena price movements will be closely watched by cryptocurrency traders and analysts as the network continues to expand and attract attention. A decisive break and hold above the $0.60 resistance could be a key indicator of an overall trend reversal. However, it's important to note that the technical analysis provided is an indication and not a direct call to invest.

Always do your own research (DYOR), and invest at your own risk! Use a reputable cryptocurrency exchange, and prioritize the security of your investments.

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