The Ethena (ENA) token made headlines this week, with whale activity and a sharp market recovery pushing its price higher.

Since May 7, ENA has delivered an impressive rally of nearly 70%, with a 25% surge in the past week alone, outperforming many altcoins.

As reported by AM Crypto, Ethena (ENA) token has been in the news this week as a sharp market recovery pushed the token’s price up.

Since May 7, ENA has delivered an impressive rally of nearly 70%, displaying strength as it recovered from the lows of around $0.20 to reach a monthly high of $0.45 before reversing.

The token is now down by more than 12% from the highs of $0.41 hit earlier this week and is trading at $0.37.

At present, ENA is still 75% below its all-time high of $1.52, but a decisive break above the key resistance levels could set the stage for a major rally.

ENA is known for having a high correlation with Ethereum (ETH). As the price of ETH usually dictates the trends in the altcoin market, ENA is expected to outperform ETH if the market rises.

ENA is also displaying strong demand as over $100 million worth of the token is being accumulated on Binance.

With ENA currently trading at $0.34, the analyst sees a possibility of the token rising to the $0.90 to $1 range by Q3.

ENA’s Relative Strength Index (RSI) is above the 50 level, indicating that the token is still in bullish territory.

A whale has unstaked and deposited 14.83M $ENA worth $5.59M into #Binance.

The whale withdrew 22.63M $ENA ($11.84M) from #Binance and #Bybit and earned 577K $ENA from staking, yet is still facing a loss of $3.21M.

The whale still holds 3M $ENA ($1.12M)

Address: ...

One whale has unstaked and deposited 14.83 million ENA, valued at $5.59 million, into Binance.

This move follows the whale’s earlier withdrawal of 22.63 million ENA (worth $11.84 million) from Binance and Bybit.

Despite earning 577,000 ENA from staking, the whale is still at a $3.21 million loss and still holds 3 million ENA worth around $1.12 million.

Bitcoin’s Influence on Ethena (ENA) and Altcoin Market

Bitcoin’s price action remains a major influence on ENA and the wider crypto market as the flagship token is now facing resistance at a key level of $105,000.

Following a strong rally from the lows of around $90,000, BTC is now expected to undergo a minor pullback.

If Bitcoin manages to stabilize or begins a new upward move, then altcoins are expected to follow suit, possibly setting the stage for a broader market surge.

Bitcoin is currently trading slightly above the $102k mark and is down by 2% in the last 24 hours.