The ENA was testing key support at $0.4847, with potential resistance levels of $0.5126 and $0.5657.
The surge in new addresses suggested increased investors’ trust and supported Enna’s potential rebound.
Esena (Ena) Recently, we have shown signs of a potential reversal as the TD sequential indicator flashes multiple purchase signals on the 4-hour chart, indicating possible changes in momentum.
At the time of pressing, ENA was trading at $0.4882, reflecting a 10.81% decline in the last 24 hours.
Prices have dropped significantly, but technical analysis shows that potential rebounds may be on the card.
Price Action and Key Resistance Level: Can Ecena break through?
ENA’s price action is under pressure and has recently surpassed several levels of support. Currently, the token is testing a critical support level of near $0.4847, a key price range.
If this level is maintained, the ENA can reverse the downtrend and target key resistance levels at $0.5126 and $0.5657.
However, if the ENA fails to retain this support, it could continue the integration or experience even more negatively.
Source: TradingView
Surge in addresses: What drives demand?
ENA has skyrocketed to the number of addresses that hold tokens. Over the past week, new addresses holding ENAs have increased by 238.94%, with interest in tokens growing.
Active addresses also rose 97.84%, indicating that investors are holding their positions rather than trading frequently. This increase in address could potentially support ENA in the long term at a lower price level.
It suggests that investors’ trust is rising despite the current downward trend.
Source: IntotheBlock
Transaction Statistics: Insights into Market Activity
Looking at transaction statistics, there is a significant shift in transaction volume across different price ranges.
The majority of transactions occur between $0.00 and $1,000, indicating that fewer investors are actively involved.
Interestingly, the large volume of trading has dropped significantly, indicating a significant indication of investor interest at current prices.
This could mean that ENA prices are supported by retailers, but institutional involvement is limited for now.
Source: IntotheBlock
How are ENA investors positioned?
In/of the Money Chart reveals that the majority of addresses are currently in profitable positions, with 69.66% of holders sitting in money.
However, 10.18% of investors are still out of the money, which shows a significant amount of resistance. So, if the coin price is approaching the $0.5126-$0.5657 range, these investors may face sales pressure as they appear to be even.
Source: IntotheBlock
Will Ena rebound or will she continue the downtrend?
The ENA may rebound if it retains support at its current level and is able to break through the main resistance.
A positive surge in new addresses, coupled with recent purchase signals from TD sequential indicators, suggests possible benefits.
Read Ethena (ENA) Price Prediction 2025-26
Thus, ENA could see a reversal to $0.5126 or later if momentum was picked up. However, traders need to remain cautious as not retaining support can lead to further downsides.