Key Insights
- •Ethena recorded 73,274 transfers in a single day, surpassing all previous network activity records.
- •Despite the historic transfer volume, the $ENA price has declined, trading near the crucial support level of $0.25.
- •Traders are observing the $0.23–$0.25 zone for a potential bounce, with targets set for a recovery towards $0.35–$0.45.
On November 20, Ethena achieved its highest daily transfer count to date. A total of 73,274 $ENA transfers were processed, representing a significant increase from previous daily ranges, which typically fluctuated between a few thousand and 20,000 transfers.
This surge in activity marks the most active day recorded within the current data set. The exact cause for this sharp increase remains unclear, as there have been no direct announcements or specific events linked to this spike in transfers. Some users have expressed curiosity regarding the origin of this heightened network activity.
“You usually don’t see this many transfers without something big happening in the background.”
Price Decline Continues Despite Network Surge
While network usage has seen a substantial increase, the price of $ENA has not mirrored this upward trend. On the day of the transfer volume spike, the token was trading near $0.25, close to its lowest point in the observed chart range. Over the past week, the price has experienced a decline of over 17%.
This price movement contrasts with the typical expectation when on-chain activity is rising. Despite the record number of transfers, buyers have not exerted enough pressure to drive the price higher. One trader commented, “It doesn’t match up — transfer counts are booming, but the price keeps slipping.”
Price Approaches Long-Term Demand Zone
$ENA is currently approaching a well-established support area situated between $0.23 and $0.25. Historically, this zone has been a catalyst for upward price movements when tested. Past chart patterns indicate that the price has frequently rebounded in the days or weeks following its entry into this area.
Analysts are closely monitoring this level to determine if it will provide support once more. Should this zone hold, a potential recovery towards the $0.35–$0.45 range could follow. This target range aligns with previous reaction highs observed in the market.
“We’ve seen this level hold before. If it does again, it could set up a move toward the next resistance band.”
Current Market Snapshot
As of today, the staked version of the token, sENA, is trading at $0.23. In the past 24 hours, it has registered a modest gain of 0.9%. However, its weekly performance remains negative, with a 7-day loss of 17.2%. The current trading volume is approximately $558,000.
With the price hovering near a historical demand level, traders are observing for indicators of strength or further downward movement. Despite the record-breaking transfer activity, prevailing market behavior suggests that caution remains a dominant sentiment among participants.