As August begins, Ethena has emerged as one of the hottest altcoins in the market. The token has recorded a 14% surge in the past 24 hours alone, bringing its current trading price to $0.670. Over the month of July, ENA has notched an impressive 155% gain, making it one of the top-performing digital assets as investors turn increasingly bullish.
With robust trading volume, soaring open interest, and positive technical signals, ENA is showing signs of sustained momentum that could drive further upside in the coming weeks.
Trading Volume Hits $1.4 Billion as Market Confidence Grows
The latest surge in ENA’s price is supported by a dramatic spike in trading volume. According to on-chain analytics from Santiment, ENA’s weekly volume has jumped over 700% to reach $1.41 billion, its highest in over a year. This significant rise in activity is seen as a major sign of strengthened market conviction.
ENA Price and Trading Volume. Source: Santiment
Typically, when both price and volume climb in tandem, it reflects genuine demand rather than speculative pump-and-dump activity. More traders are participating in the market, which lends credibility to the rally and reduces the chances of a sudden reversal.
Such volume spikes often act as confirmation that a bullish trend is real and gaining traction among investors, and that appears to be the case with ENA as it kicks off August.
Derivatives Market Backs the Bulls: Open Interest and Long/Short Ratio Surge
Further evidence of bullish momentum comes from the derivatives market. ENA’s futures open interest has risen by more than 30% in just 24 hours, climbing to $1.15 billion. Open interest refers to the total number of outstanding futures or options contracts that are yet to be settled.
ENA Futures Open Interest. Source: Coinglass
When open interest increases alongside the asset’s price, it typically indicates that fresh capital is entering the market, a positive sign suggesting that traders are positioning for continued price appreciation.
ENA Long/Short Ratio. Source: Coinglass
Additionally, ENA’s long/short ratio has reached a monthly high of 1.05. This metric shows that there are significantly more long positions than short ones, suggesting the broader derivatives market is expecting further gains. A ratio above 1 implies more traders are betting on price increases, underscoring bullish sentiment in the market.
Technical Indicators Point to $0.77 Target
From a technical analysis perspective, ENA is also flashing bullish signals. The Moving Average Convergence Divergence (MACD) on the daily chart is currently in a bullish crossover pattern. This occurs when the MACD line (blue) is above the signal line (orange), typically viewed as a sign of upward momentum.
ENA Price Analysis. Source: TradingView
As long as this crossover remains intact, ENA could potentially climb toward the next key resistance level at $0.77. The bullish MACD pattern adds to the growing list of signals indicating that the asset may continue its upward trajectory in the short term.
Bears Could Test Key Support at $0.64
Despite the strong bullish indicators, it’s important to consider downside risks. If market sentiment shifts and demand begins to cool, ENA could face renewed selling pressure. A failure to hold the $0.64 support level might open the door for a deeper correction, possibly toward the $0.48 zone.
This makes the $0.64–$0.67 range a crucial support area to watch. A breakdown below these levels could shift the momentum in favour of the bears, at least temporarily.
Ethena’s ENA token has started August with impressive strength, riding a wave of bullish momentum that’s supported by technical indicators, strong trading volumes, and rising derivatives activity. With a 155% gain over the past month and further upside potential toward $0.77, ENA is firmly in the spotlight.
However, like any fast-moving asset, it’s not without its risks. Traders should keep a close eye on support levels and market sentiment to avoid getting caught in a potential pullback. For now, though, the bulls remain firmly in control.
