Altcoins News
By Steven Anderson
1 / 11
Ethena (ENA) has made waves recently with a brief price rally, but caution is warranted despite the bullish price action.
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On May 10, 2025, Ethena broke through a key resistance level, signaling a potential shift in its market structure.
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This breakout was accompanied by a notable increase in trading volume, indicating heightened market interest.
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A Deeper Look at On-Chain Metrics: Warning Signs Emerge
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Despite the bullish price movement, a closer examination of Ethena’s on-chain data reveals troubling signs.
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The mean coin age (MCA) has been trending downward since mid-February, with occasional spikes.
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Furthermore, the Market-Value-to-Realized-Value (MVRV) ratio for Ethena shows that holders with a 180-day investment horizon are sitting on a mild loss of 14.5%.
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Another key red flag comes from the Network Value to Transactions (NVT) ratio, which has been elevated at certain points over the past few months.
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Conclusion: A Cautious Outlook for Ethena Buyers
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Despite the recent rally in Ethena’s price, buyers should be cautious about entering the market.
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For long-term investors, Ethena may not present an ideal buying opportunity at this stage. While the price could continue to rise in the short term, the underlying distribution…
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