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$3,620.88 5.34023
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BNB
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$714.20 1.35588
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$216.94 5.2218
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XRP
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$2.46 2.48429
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$0.0000358 14.51153
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$2.16 8.48818
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Bitcoin
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$98,458.00 1.59874
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Ethereum
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$3,620.88 5.34023
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BNB
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$714.20 1.35588
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Solana
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$216.94 5.2218
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XRP
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$2.46 2.48429
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Shiba Inu
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$0.0000245 8.04979
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Bonk
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Ethereum
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BNB
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$714.20 1.35588
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Solana
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$216.94 5.2218
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XRP
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$2.46 2.48429
XRP price
Shiba Inu
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$0.0000245 8.04979
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Pepe
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$0.0000216 6.59555
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Bonk
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$0.0000358 14.51153
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Ethena price rises as Chainlink whale diversifies to ENA

ethena-price-rises-as-chainlink-whale-diversifies-to-ena
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Ethena price rises as Chainlink whale diversifies to ENA

Ethena price rises for two straight days as annual revenue increases and a Chainlink whale buys its token.

Ethena (ENA) rose to an intraday high of $1.07, crossing the critical resistance level of $1 for the first time in over a week.

According to LookOnChain, a whale converted 84,370 Chainlink (LINK) tokens, worth $1.9 million, into ENA tokens. The transaction likely indicates the whale’s expectation that Ethena will outperform Chainlink in the long term.

It could also reflect a desire to diversify his portfolio. According to DeBank, the whale still holds Chainlink tokens worth $2.2 million. His portfolio also includes cryptocurrencies like Pepe, Auki, Music, Groyper, and Ethereum, with total holdings valued at $18 million.

Ethena has established itself as a key player in the crypto industry, with its stablecoin, Ethena USDe (USDE) has accumulated over $5.8 billion in assets. It is the third-biggest stablecoin after Tether and USD Coin. 

USDE is often seen as a better – but riskier – stablecoin than the others because of its returns. According to its website, USDE has an annual yield of 10%, higher than the short and long-term bonds are offering. 

Ethena has also expanded its offerings. It launched USDtb in December, a stablecoin backed by Blackrock’s BUIDL Fund. The stablecoin has accumulated over $70 million in assets, making it a highly successful launch.

Ethena has also become a highly profitable network. According to TokenTerminal, it made over $223 million in fees in just eight months. 

Ethena price has robust technicals

Ethena price
Ethena price chart | Source: crypto.news

The daily chart reveals strong technical indicators for ENA. The token has formed a bullish pennant chart pattern, characterized by a long vertical line and a symmetrical triangle.

The triangle section also represents the handle of a cup and handle (C&H) pattern, which began forming in June last year. C&H patterns often lead to further gains, and in this case, its depth of about 80% suggests the coin could surge to $2 during the ongoing crypto bull run.