TLDR:
- Athena (ENA) has shown positive gains across all timeframes, with 26.05% weekly and 18.64% monthly growth
- The token is trading in a cup and handle pattern with a potential target of $2.44, representing a gain of 85.43%
- While 135 bullish versus 109 bearish whales indicate positive sentiment, activity among large holders remains low
- Current price increases are mainly driven by retail traders rather than institutional investors
- Total Value Locked (TVL) stands at $5.921 billion, showing a pattern similar to the periods before the 2024 rally
Athena (ENA), a growing cryptocurrency asset, has shown consistent growth over multiple time frames while displaying interesting patterns in both technical indicators and investor behavior. The token has gained 26.05% in the past week and 18.64% in the past month, with another 0.97% increase in the past 24 hours.
Technical analysis reveals that ENA is currently trading within a cup and handle pattern, a formation usually associated with bullish market movements. This pattern suggests a potential upside trajectory, with analysts identifying $1.32 as a crucial resistance level that needs to be cleared for continued momentum.
Historical data shows that ENA has the potential to mirror its past performance, which saw a rise of 597.86% from its bottom to last high. Based on current patterns, analysts suggest that a possible gain of 85.43% could push the price to $2.44, assuming the token maintains its current trajectory.
ONE Price
The token’s recent price action has been primarily driven by retail traders, rather than large institutional investors or whales. This dynamic creates an interesting market situation where significant purchasing power remains on the sidelines.
Data from IntoTheBlock reveals a remarkable difference between bullish and bearish option positions. Currently, 135 whales maintain bullish positions compared to 109 bearish, creating a difference of 26 major holders favoring positive price movements.
Despite this bullish sentiment among large owners, their actual trading activity remains muted. Large transaction volumes have shown a downward trend, with only 58.97 million ENA (valued at $72.71 million) traded in the last 24 hours.
The reduced activity among election accounts suggests that there may be room for further growth if these large holders decide to increase their positions. The current situation presents an unusual case where retail traders are leading the price action while institutional money remains relatively inactive.
Total Value Locked (TVL) in the Athena protocol currently stands at $5.921 billion, a level that has been stable since December 17, 2024. This stability in TVL mirrors a similar pattern observed between April 13 and May 15, 2024, which preceded a big price increase.
Market observers note that ENA’s current price movements have maintained positive momentum over various timeframes, indicating continued buyer interest at current levels. The token’s ability to sustain gains while showing technical strength has drawn attention from traders and analysts.
The $1.32 resistance level represents a key technical barrier that traders are watching closely. A break above this level could trigger increased buying activity and potentially validate the bullish cup and pattern formation.
The difference between retail and institutional business shows an interesting market dynamic. While smaller traders continue to drive price action, the relative absence of option activity suggests untapped potential for future price upside.
Transaction data indicates that current price levels are maintained primarily through consistent retail trade rather than large block deals. This pattern differs from typical market movements where option activity often leads price direction.
Looking at historical patterns, the stability of TVL can be particularly remarkable. Previous periods of TVL consolidation have been preceded by significant price movements, although past performance does not guarantee future performance.
The combination of technical patterns, option positioning and TVL metrics provide a complex picture of ENA’s current market status. Although several indicators point to potential upside, the lack of large holders remains a notable factor.
Recent price action shows that ENA has maintained its upward trajectory despite limited institutional participation, indicating strong fundamental support from retail traders.
