Ethena (ENA) Explodes Into August: $1.4B Volume Surge Fuels Bullish Frenzy

Ethena’s ENA isn’t just climbing—it’s moonwalking past resistance. A $1.4 billion volume spike just lit the fuse.

The Pump No One Saw Coming

While Wall Street naps on their spreadsheets, ENA’s rally defies ‘overbought’ warnings. Retail FOMO meets institutional inflows—classic crypto chaos.

Liquidity or Mirage?

That volume spike smells like whale games. Either way, traders are riding the wave—until the next ‘correction’ gives suits another excuse to say ‘I told you so.’

Bullish until proven broke.

ENA’s Market Conviction Strengthens With $1.42 Billion Weekly Volume 

On-chain data suggests that ENA’s recent rally is driven by genuine demand rather than short-term speculative hype. According to Santiment, the altcoin’s weekly trading volume has surged by over 700%, reaching $1.41 billion this week—its highest weekly total in over a year.

When an asset’s price and trading volume rise sharply, it signals strong market conviction behind the rally. High trading volume means more participants are buying (and selling), which lends credibility to the price movement.

For ENA, the combination of rising prices and soaring volume strengthens the case for a sustained bullish momentum as the market enters a new trading month.

Furthermore, futures market data reflects growing investor confidence. ENA’s open interest has climbed more than 30% in the past 24 hours and stands at $1.15 billion as of this writing. 

Open interest refers to the total number of outstanding derivative contracts, such as futures or options, that have not yet been settled. When futures open interest rises alongside an asset’s price, new money is flowing into the market, indicating growing bullish sentiment. 

In ENA’s case, the 30% jump in open interest suggests that traders are increasingly positioning for further upside. 

This trend is reflected in its long/short ratio, which now sits at a monthly high of 1.05, indicating significantly more bullish bets than bearish ones across the derivatives market.

The long/short metric measures the proportion of long bets to short ones in an asset’s futures market. A ratio above one signals more long positions than short ones. This indicates a bullish sentiment, as most traders expect ENA’s value to rise.

ENA Eyes $0.77 as Bullish Indicator Signals Strong Momentum Ahead

Technical indicators also support the case for continued upside. ENA’s Moving Average Convergence Divergence (MACD) remains in a bullish crossover pattern on the daily chart. This happens when an asset’s MACD line (blue) rests above its signal line (orange), a signal often associated with sustained upward momentum. 

If current trends persist, ENA could extend its gains and rally to $0.77 over the coming weeks.

However, if demand falls and the bears regain dominance, they could trigger a price dip below $0.64 and fall toward $0.48.