Altcoins News
By Maheen Hernandez
1 / 12
Ethena (ENA), one of the emerging altcoins in the crypto space, has seen a burst of momentum over the past few days.
2 / 12
Currently priced around $0.3342, ENA has climbed from a local low of $0.25 earlier this week. On a weekly basis, the token has posted an 8% gain.
3 / 12
What’s catching the attention of analysts and traders is a specific chart formation that often precedes significant price moves: the inverse head and shoulders pattern.
4 / 12
This isn’t the first time Ethena has responded positively to this setup. Back in December 2024, the token rallied from $0.90 to $1.
5 / 12
Supporting this bullish outlook is a wave of on-chain and trading data that indicates growing investor confidence.
6 / 12
One key metric is Spot Netflow, which has recently turned negative. Netflow measures the balance of coins entering and leaving exchanges. A negative reading, like the -693.
7 / 12
Further data from the derivatives market backs this up. Ethena’s futures buy volume surged to 173.7 million ENA tokens over the last 24 hours, showing a notable increase in demand.
8 / 12
At the same time, open interest — a measure of the total number of active futures contracts — has grown from $262 million to $278.2 million.
9 / 12
Adding to the bullish case is the positive funding rate currently seen on most exchanges. A positive funding rate means that traders holding long positions are paying a premium…
10 / 12
With multiple indicators aligning, the market mood around Ethena has clearly shifted. Buyers are stepping in with confidence, and technical patterns are pointing toward a…
11 / 12
Still, caution is advised. Crypto markets remain volatile, and any unexpected shift in sentiment — whether from macroeconomic news or broader market corrections — could pause or…
12 / 12
For now, though, the trend appears favorable. As long as buying pressure holds and market conditions remain stable, Ethena could be setting up for its next major move.
The Currency Analytics
Want the full story?