Ethena (ENA) has been generating a lot of buzz in the crypto community after an impressive 17 percent surge within just 24 hours. Currently priced at approximately $0.4332, the token is approaching a crucial resistance level at $0.60, a barrier it has struggled to overcome for several weeks. As excitement builds, investors and analysts alike are asking whether this is the moment ENA breaks out of its range and moves into a fully bullish trend.

What’s driving this latest surge? A closer look at on-chain data and trading behavior reveals a combination of rising user activity, significant institutional interest, and a healthier market structure following a key leverage reset. These factors are creating the conditions that could push ENA past its stubborn resistance and potentially open the door to further gains.

First, let’s examine the surge in on-chain activity, which has been a critical signal of growing interest in the Ethena network. Over the past week, the number of new wallet addresses interacting with ENA increased by more than 56 percent, while active addresses rose by over 37 percent. These numbers suggest a rising user base and deeper engagement within the network. Even more striking is the uptick in large transactions, which reflect institutional and high-net-worth investor activity. Transfers in the $10,000 to $100,000 range surged by 220 percent, while those between $100,000 and $1 million jumped by over 600 percent. These large-scale moves are often an early indicator that smart money is positioning for a significant market shift.

Further supporting the bullish case is the movement of ENA tokens off exchanges. In the last day alone, over $24 million worth of ENA was withdrawn from centralized exchanges, compared to roughly $19.8 million in inflows. This net outflow typically indicates accumulation behavior, where investors move tokens into self-custody wallets, reducing the immediate supply available for trading. Historically, such trends have preceded sustained price increases, as decreased sell pressure gives bullish momentum more room to grow.

Another major development strengthening ENA’s outlook is the recent reset in market leverage. Overleveraged bullish traders were flushed out when long positions worth over $500,000 were liquidated, compared to just $75,000 in shorts. While painful in the short term, this kind of long squeeze clears excess speculation and reduces overall risk in the market. It often paves the way for a more stable price climb, as it resets technical indicators and creates a healthier foundation for renewed buying pressure.

Meanwhile, blockchain analytics also show an uptick in short-term trading activity. According to data from Santiment, there has been a noticeable rise in short-term holding metrics, indicating that day traders and momentum players are re-engaging with ENA. Although this can introduce volatility, it also adds fresh volume and liquidity, helping maintain market interest and visibility.

All these developments point to a growing level of investor confidence and market strength. Still, the $0.60 resistance remains a critical test. This level has acted as a ceiling in recent weeks, with sellers defending it strongly. However, if ENA manages to close above it on strong volume, analysts believe the token could enter a new bullish phase, potentially targeting higher price zones in the near future.

While it’s too early to declare a confirmed breakout, the current data paints a promising picture. Network activity is accelerating, large players are getting involved, and the market structure appears healthier after the leverage reset. As long as this momentum holds, ENA may soon flip the $0.60 barrier into a new level of support, setting the stage for the next leg of its rally.

In a volatile market where sentiment can shift quickly, ENA is showing rare consistency in its upward signals. Whether this is the breakout moment or just a buildup for something bigger, one thing is clear—Ethena has the market’s attention.