Key Insights:
- Ethena hits 73,274 transfers in one day, breaking all previous network activity records.
- Despite historic transfer volume, $ENA price falls, trading near key support at $0.25.
- Traders eye $0.23–$0.25 zone for bounce, targeting possible recovery toward $0.35–$0.45.
On November 20, Ethena recorded its highest-ever daily transfer count. A total of 73,274 $ENA transfers took place, marking a sharp increase from previous daily ranges, which generally stayed between a few thousand and 20,000.
This sudden rise is the most active day recorded in the current data set. The nature of the increase is not fully clear, as there has been no direct link to specific events or announcements. Some users have raised concerns about the source of this activity.
One market observer said,
Price Decline Continues Despite Network Surge
While network use has grown, the price of $ENA has not followed the same path. On the day transfer activity spiked, the token traded near $0.25 — close to its lowest level in the displayed chart range. Over the past week, the price has fallen by more than 17%.
This price movement runs opposite to what might be expected when on-chain use is increasing. Despite the record number of transfers, buyers have not pushed the price higher. One trader commented, “It doesn’t match up — transfer counts are booming, but the price keeps slipping.”
Price Approaches Long-Term Demand Zone
$ENA is now moving near a well-defined support area between $0.23 and $0.25. This zone has previously led to upward movements when tested. Past chart patterns show that whenever the price entered this area, it often bounced back over the following days or weeks.
Analysts are watching closely to see whether the zone will provide support again. If it does, a recovery toward the $0.35–$0.45 range may follow. This target area matches earlier reaction highs.
One analyst noted,
Source: BINANCE KILLERS/XCurrent Market Snapshot
Today, the staked version of the token, SENA, was trading at $0.23. Over the past 24 hours, it has posted a small gain of 0.9%. Weekly performance, however, remains down, with a 7-day loss of 17.2%. Current trading volume stands at around $558,000.
As price hovers near a historical demand level, traders are watching for signs of strength or further decline. While transfer activity has reached new highs, market behavior suggests caution remains high among participants.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Source: https://coincu.com/analysis/ethena-transfer-frenzyena-hits-record/
