The ENA token rose 10% intraday amidst increased network activity and whale transactions. The price movement coincided with the formation of a golden cross on the daily chart between the 50-day and 200-day EMA bands.
Network Activity and Whale Transactions Rise
The network's active-address metrics increased across 24-hour, seven-day, and 30-day periods, indicating broader market participation. Additionally, whale transaction counts exceeding $100,000 and $1 million grew more frequent. While this data does not automatically indicate accumulation, it contributes to a stronger fundamental backdrop for the token.
Expansion Through Ethena Pay
Ethena has introduced Ethena Pay, a product positioned as an internet money neobank. The service features a 5% card-spend cashback, a 6% dollar savings rate, free global money transfers, and free onramps for USD, GBP, EUR, and local currencies.
The platform also supports multi-currency savings accounts, IBAN integration with self-custodial stablecoin accounts, and a feature utilizing savings rewards to cover daily expenses. The service is currently available for iOS users.
Technical Outlook for ENA
From a technical perspective, the ENA price is positioned in a decision zone between $0.13 and $0.19. A breakout above this range could bring potential resistance levels at $0.25 and $0.40 into view, whereas a drop below $0.13 could expose the price to support levels at $0.10 and $0.07.
