ENA Price Jumps 70% as Whales Accumulate $100M on Binance

Airdrop Is Live CaryptosHeadlines Media Has Launched Its Native Token CHT. Airdrop Is Live For Everyone, Claim Instant 5000 CHT Tokens Worth Of $50 USDT. Join the Airdrop at the official website, CryptosHeadlinesToken.com ENA jumped nearly 70% since May 7, hitting $0.45 before dropping.Analyst sees bullish double bottom forming; predicts $0.90–$1 by Q3.Over $100M in ENA is being accumulated on Binance, showing demand.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. ENA hit a monthly high of $0.45 before reversing. It is now down by more than 12% and is trading at $0.37.The token is still down 75% from its all-time high of $1.52, but a decisive break above key resistance levels could trigger a major rally. Analyst AM Crypto recently shared an update on ENA. There is a double bottom pattern forming on the daily chart — a bullish signal. Since ENA has a high correlation with Ethereum, it’s expected to outperform ETH if the market rises. Over $100 million worth of ENA is currently being accumulated on Binance, showing strong demand. Based on this, the analyst believes that a price of $0.90 to $1 by Q3 is a real possibility. The token’s Relative Strength Index (RSI) is currently above 50, pointing towards a bullish trend. Notable Whale Makes Large ENA Deposit to BinanceIn other news, a whale recently unstaked and deposited 14.83 million ENA, valued at $5.59 million, into Binance. This move followed the whale’s earlier withdrawal of 22.63 million ENA (worth $11.84 million) from Binance and Bybit. Related: Crypto Market Cap Nears $3.5 Trillion As TOTAL3 Chart Signals Altcoin Breakout AheadDespite earning 577,000 ENA from staking, the whale remains at a $3.21 million loss, still holding 3 million ENA worth around $1.12 million.Bitcoin’s Influence on Ethena (ENA) and Altcoin MarketAs always, Bitcoin’s price action remains a major influence on ENA and the wider crypto market. BTC recently faced resistance at a key level of $105,000 and is undergoing a minor pullback. Related: Watch XRP, ADA, HBAR, QNT Carefully as Bitcoin Enters Correction ModeIf Bitcoin stabilizes or begins a new upward move, altcoins are expected to follow suit, possibly triggering a market wide surge. Bitcoin is currently trading slightly above the $102k mark and is down by 2% in the last 24 hours.Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.Source link