Ethena surges 14%, tests resistance as bulls target breakout

A 14% price jump in Ethena [ENA] has pushed the asset toward a key resistance level with a history of reversals. Despite this make-or-break zone, experts’ bold projections and rising accumulation among the top 100 holders suggest that ENA could potentially break above this prolonged barrier this time.  As of this writing, ENA was up 14.22% over the past 24 hours and is currently trading at $0.123. With the rising price, market participants have shown notable interest in the asset, as trading volume climbed 72% to $283.55 million during the same period. Ethena approaches key resistance  On the daily chart, ENA appears bullish, as it has recently broken out of a descending channel pattern. However, due to the key resistance at $0.1345, the price seems to be struggling to continue its rally. The daily chart shows that ENA has been facing this resistance since the beginning of February 2026. The current price action suggests that if ENA successfully breaks above this key level, it could potentially see a price jump of over 45% and reach the $0.198 level. However, if it fails to do so, the possibility of a significant decline could arise. At press time, technical indicators Money Flow Index (MFI) and Chaikin Money Flow (CMF) were at 86.01 and -0.02, respectively, indicating that the asset was in an overbought zone with weakening capital inflows. This points to a potential slowdown or short-term correction in price momentum. ENA: Derivative and on-chain flashes bullish signal The analytics tool Nansen reveals that major players and long-term holders, such as the top 100 addresses, have shown strong interest in the asset. According to the data, over the past 30 days, these top players have increased their ENA holdings by 4.85%, indicating a potential buying opportunity. In addition to long-term holders, short-term players are also following the current market trend. Data from the derivatives tool, CoinGlass, reveals that $0.1204 on the lower side and $0.1262 on the upper side are two major liquidation levels. At these levels, traders are overleveraged, with a massive $3.31 million worth of long positions and $1.20 million worth of short positions built up. This imbalance between long and short positions indicates that bulls are currently dominating the asset and are eyeing further upside. Data further revealed that ENA’s Open Interest (OI) has increased by 12.82% to $251.47 million, indicating a rise in trader participation and growing market interest. This surge in OI, combined with the bets of long positions, strengthens ENA’s bullish outlook. Final Summary Ethena has reached a make-or-break level; if the price clears the key resistance at $0.1345, it could see an additional 45% surge. Data from a derivatives platform further strengthens this bullish outlook.