$ENA Open Interest Surges Past $1B โ Bullish Breakout Incoming? ๐
Ethena ($ENA) jumps over 5% on Thursday, trading around $0.63 as open interest in futures rebounds above $1 billion after last week's dip to $916M.
๐น Market Sentiment Turns Positive: Rising funding rates and speculative demand point toward growing confidence in a continued rally.
๐น Liquidations Fuel Momentum: In the past 24 hours, $4.2M in derivatives were liquidatedโmost losses came from short positions, backing the bullish case.
๐น Technical Strength: ENA holds above key EMAs (50, 100, 200) and shows bullish signals on both MACD and RSI, despite nearing overbought territory.
๐ A breakout above $0.70 could open the path toward $1.00โwatch for a strong daily close above $0.60 to confirm momentum.
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