While major tokens like Bitcoin, Ethereum, Solana, XRP, and many more have been maintaining a sluggish trend, one of the newly launched tokens has been maintaining an elevated trend since its inception. Ethena, Ethereum’s synthetic dollar protocol, has comfortably accumulated a market cap of over $2 billion and with the next price action, it could secure its position within the top 50 very soon.
The short-term trade is extremely bullish for the ENA, as the price is trading within a steep ascending trend. The token is forming constant higher highs and lows and is expected to undergo a minor pullback, which may form another higher low before forming the next ATH around $1.66. The RSI remains within the bullish range, with the OBV maintaining an ascending trend. Hence, it suggests enough scope to thrive with the availability of liquidity on the platforms.
Besides, a couple of factors have also been contributing to the ENA price rise, rising whale activity and staking rewards being among them. Whale activity has always been a major contributor to the price rise, as market participants become more bullish when whales intensify their activity over a platform. As per a popular analytical platform, Lookonchain, a whale has been constantly withdrawing huge ENA tokens and staking them to earn rewards.
One particular transaction caught the attention of withdrawing over 6 million ENA worth around $8.58 million and staked them immediately. Besides, the ENA staking has been one of the most popular activities among the whales for quite a while now. Therefore, the bullish continuation seems to be evident for the Ethena price which may maintian a rising wave pattern to reach the initial milestone at $2, anytime before the end of the month.
