Ethena Price Projection: ENA Surges 14%, Yet Traders Snag Solaxy Pre-sale Amid Short Timeframe Remaining
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Cryptocurrency prices can be a roller coaster ride, and Ethena (ENA) and Solaxy (SOLX) are no exceptions. Here's the lowdown on current price movements and potential developments for these two tokens.
Ethena (ENA)
In the past 24 hours alone, Ethena has seen its price soar by 14%, now trading at $0.3442 as of 7:06 a.m. EST. This surge has been accompanied by a 110% increase in daily trading volume, reaching $294 million. But is the momentum strong enough to push ENA past the next major resistance?
The 1-day ENA/USD chart reveals that ENA has been making a slow and steady recovery after taking a beating in late May, when it slid out of a descending triangle pattern. The recent price jump has ENA sitting at $0.3458 in the chart.
One key resistance to watch out for is around $0.3617 (0.5 Fib level), which previously acted as support but could now flip to resistance. If ENA can break past this barrier, it might re-enter the descending triangle pattern and test $0.386 soon.
Analysts are seeing some promising signs. The Relative Strength Index (RSI) is at 48.35, which leans slightly towards the bulls but isn't yet overbought. Additionally, the Moving Average Convergence Divergence (MACD) is hinting at a potential bullish crossover, with the histogram turning positive.
On the bearish side, the 50-day Simple Moving Average (SMA) is sloping downwards at $0.34220, which acts as a dynamic resistance. If ENA closes above this level, it would be a big victory for the bulls.
If the market continues to trend bullish, ENA might go on a short-term rally, possibly reaching $0.4647, which matches the token's previous high. Should bullishness continue, ENA could soar even higher to $0.5919, representing a 70.71% increase from current levels.
However, if the bears return and ENA gets rejected at the 0.5 Fib level, it might fall back to the $0.3029 local support. If the bears sustain their pressure, ENA could dip once more to $0.25, which marks the yearly low.
In the long run, if ENA manages to keep its momentum going, it could hit the 161.8% Fib extension level by the end of June, especially if the broader market stays strong.
Solaxy (SOLX)
As Ethena prepares to test its key resistance, the Solana-based token Solaxy (SOLX) continues to gain attention due to its promising layer-2 project. Solaxy promises to address the issue of network congestion on the Solana network by processing transactions off the main chain, sending them back for final approval.
Solaxy already has a working testnet and a block explorer, showing that the team is delivering on its promises. The project's cross-chain capabilities could be revolutionary for DeFi apps, NFT projects, and blockchain games, as it bridges Solana with Ethereum, giving developers access to Ethereum's massive liquidity while maintaining Solana's speed.
Some crypto analysts have called SOLX a potential 100x gem. In the presale, investors can still buy SOLX tokens for a low price of $0.001744, with serious players like whales pouring money into the project. The presale is scheduled to end in about 13 days, and prices are set to climb when the token lists on top exchanges.
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Further Reading:
- PEPE Meme Coin Rival's Presale Fills Up Fast
- Litecoin Price Prediction: LTC Technical Analysis
- Top DeFi Tokens by Activity Now: Kamino Finance, PancakeSwap
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- Investing in altcoins such as Ethena (ENA) and Solaxy (SOLX) requires staying updated on the latest news and market trends, especially to capitalize on potential bullish movements or spot opportunities.
- Technology continues to play a crucial role in developments within the realm of cryptocurrency, as seen with Solaxy (SOLX) addressing network congestion issues on the Solana network.
- With entertainment and sports gaining increasing integration into the world of finance and crypto, it's essential to be informed about the latest projects and updates, like the upcoming presale for Solaxy (SOLX) tokens.
