• The ENA asset has tested important support levels, with key resistance points at $0.60658 and $0.76939.
• Positive market sentiment is driven by increased network activity, open interest, and short position liquidation.

Ethena [ENA] has witnessed significant growth in network activity, with a strong increase in new addresses and active addresses in the past week.

At the current time, the price of ENA is $0.4611, up 10.16% in just 24 hours. This increase is accompanied by a 257.25% rise in 24-hour trading volume, highlighting the growing demand for this asset.

ENA Price Action Analysis - Key Levels to Watch

Ethena's price action shows this coin has been in a corrective phase since its peak in early January.

At the time of writing, ENA is trading near the crucial support level of $0.455, which traders need to closely monitor.

If ENA can maintain a closing price above this level, there is a possibility of an upward move towards the next resistance point at $0.60658.

Additional resistance levels are at $0.76939 and $1.00290, marking key levels that will determine whether ENA can progress to new highs. However, if the price drops below $0.455, it could further decline to the $0.39235 level.

Source: TradingView

Growth in Network Activity

Ethena has also seen a significant increase in network activity, with new addresses growing by 328.77% and active addresses increasing by 104.60% in the past week.

This growth indicates that more users are engaging with this coin, reflecting the increasing interest.

The addition of more non-zero balance addresses has supported this positive trend, showing that ENA is attracting both new and existing participants.

Therefore, this growth in user activity could play an important role in pushing ENA's price higher, especially if the trend continues in the coming days.

Source: IntoTheBlock

Insights from Market Positioning

At the current time, 67.17% of ENA addresses are "in the money", meaning they are holding positions above the current price of $0.464. Therefore, a significant portion of ENA holders are in profitable positions, reflecting investor confidence.

Meanwhile, only 10.54% of addresses are "out of the money", indicating that the majority of holders have already seen gains from their investments.

The concentration of these profitable positions has enhanced the overall stability of ENA, suggesting that most investors are holding their assets rather than selling.

Source: IntoTheBlock

ENA: Optimistic Sentiment Despite Short Selling Pressure

Ethena's open interest has increased significantly by 6.61%, reaching $364.14 million. This rise in open interest indicates growing confidence in the market, with more participants taking positions.

Notably, on February 22, the total liquidations reached $250.04K for short positions and $176.86K for long positions.

The larger liquidation of short positions suggests that market sentiment is turning more optimistic. As short-sellers are forced to close their positions, the upward pressure on ENA is likely to continue.

Source: Coinglass

In conclusion, Ethena has shown significant signs of growth in both network activity and price action.

While the resistance levels remain the key factors determining future price movements, the increase in open interest and positive market sentiment are encouraging.

With many traders taking long positions and the rising number of short position liquidations, ENA appears to have the potential to continue its progress.

Therefore, it seems that Ethena may be able to maintain its momentum and the potential to surpass the critical resistance levels in the near future.