Retail and institutional players drove Ethena’s address growth and large transactions. Long liquidations and exchange outflows signal a bullish reset as smart money accumulates during volatility. Ethena [ENA] surged 17.35% over the past 24 hours, fueled by a trendline breakout and renewed on-chain strength across address activity and transaction size distribution. At the time of writing, ENA traded at $0.4332 and approached the $0.60 resistance, a level that capped gains for weeks. Although sellers have defended it repeatedly, ENA holds well above the mid-range. Therefore, if bulls push past $0.60, the structure could flip fully bullish with room for higher targets. Source: TradingView Address growth and large transactions point to deeper adoption On-chain activity has grown significantly. New addresses increased by 56.43% week-on-week, while active addresses rose 37.12% over the week. Simultaneously, mid-to-large transactions surged. Transactions in the $10K–$100K bracket surged 220%, while those in the $100K–$1M range ballooned 613.64%. Naturally, this pointed to rising interest from both institutional and large-scale retail participants. Therefore, the address and transaction trends align with the current price strength and suggest sustained market engagement. Source: IntoTheBlock Exchange data showed strong accumulation behavior. ENA Outflows totaled $24.11M, while inflows reached only $19.87M. Therefore, more tokens are leaving exchanges than entering them. This behavior often indicates that investors are securing assets in self-custody. As a result, sell pressure on centralized platforms decreases. Historically, Net Outflows during rallies support continued price expansion. In fact, this trend reinforces the bullish narrative and hints at deeper investor confidence in ENA’s long-term trajectory. Source: CoinGlass ENA leverage unwind intensifies as longs get wiped out Derivatives data shows a clear long squeeze. Long liquidations totaled $504.44K, while short liquidations reached only $75.45K. Overleveraged bulls initiated this reset as prices reached resistance. Clearing excessive long exposure, however, reduces market risk. This shift allows for a more stable continuation if buyers return. Therefore, the liquidation event, while sharp, may help ENA resume its climb from a healthier technical base, provided bullish momentum holds in the coming days. Short-term trader activity has spiked. Santiment data showed a rise in the 0d–1d Realized Cap HODL Waves metric, now at 0.0915. This uptick signaled heightened short-term activity, likely from momentum traders. While this adds volatility, it also injects fresh volume and liquidity. Importantly, it confirms that ENA has re-entered the market’s focus. Source: Santiment Can ENA sustain momentum and break above $0.60? Ethena continued to show strength in price structure and on-chain fundamentals. Network growth, large transactions, and reduced exchange supply support bullish sentiment. Although long liquidations caused a shakeout, leverage now looks cleaner. If ENA closes above $0.60, it may confirm a full trend reversal. Until then, the market remains cautiously optimistic.