Ethena price rises as Chainlink whale diversifies to ENA

Ethena price rose for two consecutive days as annuity increased and Chainlink whale bought its token.

Ethena (ENA) rose to an intraday high of $1.07 and broke through the critical $1 resistance level 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.

This may also reflect his desire to diversify his portfolio. According to DeBank, the whale still holds $2.2 million worth of Chainlink tokens. Its portfolio also includes cryptocurrencies such as Pepe, Auki, Music, Groyper and Ethereum, with total assets worth $18 million.

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

USDE is often seen as a better but riskier stablecoin than others due to its returns. According to the website, USDE’s annual yield is 10%, which is higher than what short- and long-term bonds offer.

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

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

Ethena price has solid technical specifications Ethena price chart | Source: crypto.news

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

The triangular section also represents the handle of the cup and handle (C&H) pattern, which started to form in June last year. C&H patterns often lead to further gains, and in this case the depth of around 80% indicates that the coin could rise to $2 during the ongoing crypto bull run.