- ENA showed proof of life across the Ethena network, thanks to its recent volume surge
- Worth assessing the potential impact of volume uptick on its TVL and ENA’s recovery
As a seasoned researcher with a knack for deciphering blockchain patterns, I must admit that the recent surge in ENA’s on-chain volume across the Ethena network has piqued my interest. The uptick, averaging over $500 million in the last two days, is indeed a positive development, hinting at renewed demand for ENA and potentially signaling a turnaround for the network.
As an analyst, I’ve observed a noticeable surge in on-chain volume involving ENA on the Ethena DeFi platform following a period of relatively low activity over several months. This uptick raises questions about whether this could mark a turning point for the network, potentially signaling a positive shift – particularly in terms of its Total Value Locked (TVL).
ENA began trading in April of the current year, with significant daily transaction volumes exceeding $1 billion at certain points during its initial phase. Yet, these volumes soon decreased significantly, falling below $100 million per day from July to September 2024.
Lately, there’s been a significant increase in the daily on-chain volume for ENA. In fact, it has surpassed half a billion dollars over the past two days. Although this isn’t as high as it was initially, it suggests that the coin might be experiencing more trading activity and demand recently.
A fresh request from ENA could signal a possible shift towards recovery and growth for Ethena, which has experienced a downturn for several months. Interestingly, its Total Value Locked (TVL) figures seem to corroborate this trend of decline.
Initially, the combined worth held within the network skyrocketed to an impressive $3.612 billion at the beginning of July. However, it has experienced a significant decline since then. To be specific, Ethena’s Total Value Locked (TVL) stood at only $2.43 billion on October 16.
An increase in ENA’s transaction volume could potentially boost Ethena’s Total Value Locked (TVL), provided the token’s demand remains consistent over time. This could particularly hold true if the protocol continues to offer increased utility as well.
ENA attempts to escape its bottom range
Over the last week or two, ENA’s upward trend has picked up speed again. It appears to be trying to move even farther beyond its lowest point in September. This aligns with the recent surge of bullish movements we’ve seen throughout the market.
In the past week, the value of this cryptocurrency skyrocketed by a staggering 78%, reaching a high of $0.46. However, ENA’s upward momentum seems to be limited by an increasing resistance line, which it encountered during Tuesday’s trading period. Consequently, its price dipped by more than 5% and is currently at $0.40.
Despite ENA making an effort to bounce back, it’s important to note that it remains significantly below its all-time high of $1.52. The crucial query at hand is whether this recent rebound has the staying power for further gains. Interestingly, a bearish divergence suggests that the bulls might encounter some temporary challenges in the near future.
Over the past two months, I’ve noticed a positive trend in ENA’s performance, suggesting it remains a compelling investment option within the crypto market. This resilience could potentially work to my advantage in the long run.
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2024-10-17 09:43