ETHENA (ENA) Surges 40% on Tokenomics Upgrade and Whale Accumulation

Over a period of three days, the ENA token experienced a 40% increase. Several key factors contributed to this surge. Firstly, Ethena's team announced extensive changes to its tokenomics, allowing token restaking within Ethena Chain, which now offers a 30-fold increase in rewards. This development attracted new investors and encouraged existing holders to lock in their tokens more actively. Secondly, major investors, or 'whales,' have started accumulating ENA heavily, increasing their holdings by 14.6%, or 43.6 million tokens, within a single day, while exchange reserves decreased, reducing selling pressure. From a technical standpoint, the price broke through an important resistance level at $0.4660, and the RSI jumped to 80, indicating overbought conditions but also a strong prevailing trend, albeit with possible correction risks. The overall rise has been further fueled by the broader rally in altcoins, as investors pursue volatile projects with high growth potential. The current setup indicates a long position at $0.4668 with specific stop-loss and take-profit levels, suggesting bullish sentiment with promising risk-reward ratios.