Altcoin
Is Ethena Price At Risk? Market Maker Offloads $10M ENA Raising Concerns
Ethena price remains concerningly eyed by crypto market participants against the backdrop of a severe bearish trajectory. ENA erased nearly 4% in the past 24 hours, in sync with a renowned market maker dumping over $10 million worth of tokens. Thus, traders and investors anticipate additional short-term volatility in the coin, whilst it recently faced rejection at a key resistance of $0.48.
Ethena Price Gains Bearish Momentum, Here’s Why
On-chain data from Arkham Intelligence on March 22 signaled that market maker Amber Group deposited $10.35 million worth of ENA to Binance. Out of the deposits, $2.5 million worth of tokens were acquired from the same crypto exchange two weeks ago. This accumulation took place at an average price of $0.3979.
On the other hand, Amber Group received $7.85 million worth of coins from the Ethena Claim address. These tokens were received between April 2024 and July 2024.
For context, the market maker’s massive dump to Binance impacts a crypto’s supply dynamics. In turn, market participants expect short-term volatility in price. However, speculations of a bolstered movement also prevail as this endeavor will increase liquidity and trading volumes, thereby magnetizing investors.
Ethena Token Unlocks: Another Vital Barrier For Price?
Simultaneously, ENA tokenomics faces additional heat amid massive token unlocks recorded this month. Notably, Cryptorank’s data flagged 2.06 billion coins, worth 13.9% of the total supply, unlocked on March 5.
Meanwhile, 94.19 million coins, worth 0.63% of the asset’s total supply, were unlocked on March 2. These unlocks substantially increase the asset’s market supply, negatively impacting demand and price sentiments.
Another massive unlock of 94.19 million coins is set to occur on April 2. Further, 171.85 million tokens will be unlocked on April 5. As a result, traders and investors reflect highly concerning sentiments surrounding Ethena price action ahead as the supply inflates.
How Is The Crypto Delivering As The Month Ends?
At the time of reporting, Ethena price crashed nearly 4% and exchanged hands at $0.3581. The coin bottomed and peaked at $0.3497 and $0.3763 in the past 24 hours. Notably, the waning price action comes in sync with Amber Group’s massive dump to the top crypto exchange.
Whereas, the weekly and monthly charts show a dip of 1% and 11%, respectively. The broader slumping action falls in line with the massive token unlocks mentioned above.
Renowned market trader and analyst Sjuul/AltCryptoGems took to X, revealing that ENA again faced crucial resistance at $0.48, slamming the chances for a pump ahead. “If bulls fail to defend this demand, it would be a pretty bad sign,” the analyst concluded amid bearish dynamics taking over.
Additionally, an Ethena price prediction by CoinGape indicated that the crypto’s 3-month bias indicator is tilting in favor of bears. This has further pushed traders and investors to take a cautious trading approach on the token.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
CBOE has filed its 19b-4 form for Fidelity’s Spot Solana ETF with the US Securities and Exchange Commission (SEC). With this move, Fidelity joins a growing list of asset managers that have filed with the US SEC to offer a SOL ETF.
CBOE Files List And Trade Fidelity’s Solana ETF
In a 19b-4 filing, CBOE officially declared its intention to list and trade Fidelity’s Solana ETF with the US SEC. This move formally kicks off the process for the Commission to either approve or deny Fidelity’s application to offer a Solana ETF, which will be tradable on the CBOE exchange.
This development comes just days after the billion-dollar asset manager filed to incorporate the SOL ETF in Delaware, raising speculations that a filing with the US SEC would come next.
Fidelity joins a host of other asset managers, including Grayscale, Franklin Templeton, Bitwise, Canary Capital, 21Shares, and VanEck, that have already filed to offer a Solana ETF.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Solana is now home to the largest yield-bearing tokenized treasury following the launch of a new share class on the network. According to a press release, the BlackRock USD Institutional Digital Liquidity Fund (BUIDL) has extended support to Solana, pushing the frontier for traditional money market funds.
BUIDL Expands To Solana As It Eyes Expansion
One year after BlackRock and Securitize teamed up to roll out BUIDL, the blockchain-based money market fund has made its Solana debut. Securitize announced the development in a press release, noting the rollout of a new share class on Solana.
Following the expansion, BUIDL investors can now use the tokenized fund across Solana’s ecosystem. Securitize and BlackRock are eyeing lower transaction costs and instant settlements associated with the Solana network.
“As the market for RWAs and tokenized treasuries gains momentum, expanding BUIDL to Solana – a blockchain known for its speed, scalability, and cost efficiency – is a natural step,” said Securitize CEO Carlos Domingo.
Solana Foundation President Lily Liu stated in a press release that Solana will offer BUIDL a balance between innovation and operational efficiency. Liu cited Solana’s rising network metrics and active developer ecosystem as key reasons for the network to power the next wave of real-world assets (RWA).
BUIDL, with $1.7 billion AUM, has to stave off competition from Fidelity’s Treasury Digital Fund currently eyeing an OnChain share class on Ethereum.
Solana’s Institutional Adoption Surges To New Levels
Several institutions are tapping Solana for integrations to improve the scope of their offerings. Polymarket joined the fray with an announcement enabling SOL deposits of the prediction markets platform. Before Polymarket’s announcement, users could only fund their accounts via Circle’s stablecoin offering, USDC.
A wave of Solana exchange-traded funds (ETFs) are angling to flood the markets, a clear indicator of rising institutional appetite.
Following the BUIDL announcement, SOL currently trades at $144, sparking enthusiasm for a potential Ethereum flippening. However, daily trading volume has waned to settle down at $3.35 billion following the frantic exchange following Polymarket’s integration.
Aliyu Pokima
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The Chainlink (LINK) price has seen a significant surge after partnering with Abu Dhabi’s ADGM. This sparks a bullish sentiment signaling a major rally ahead. Experts remain optimistic about LINK’s future trends and predict that Chainlink will soon ascend to new highs.
Let’s unveil Chainlink’s recent Abu Dhabi partnership and its potential implications on the LINK price.
Chainlink (LINK) Price Sees Major Rally: Is $44 the Next Target?
Driven by recent developments, the Chainlink (LINK) price has seen a significant uptrend. With its price increasing by more than 8% in a week, Chainlink is expected to continue its bullish path.
Recently, an analyst, known on X as CW, spotted a bull flag pattern on Chainlink’s one-day chart. While $12 serves as a crucial support level for the Chainlink price, the rally past the mark indicates the token’s potential upward trend. CW also pinpointed $18 as a resistance level, predicting that if Chainlink surpasses this point, it could soar to $44.
What Moves LINK Price Up?
In the latest development within the Chainlink ecosystem, the platform entered into a strategic partnership with the Abu Dhabi Global Market (ADGM) to promote tokenization in the UAE. As part of the collaboration, Chainlink and ADGM have signed an MoU to create a secure and legally sound environment for asset tokenization in financial markets.
Significantly, ADGM will provide regulatory guidance, frameworks for secure tokenization, and expertise in asset tokenization. At the same time, Chainlink will contribute its technical expertise, blockchain-based solutions, and tokenization infrastructure.
Acknowledging ADGM’s resilient infrastructure, Angie Walker, Senior Executive Officer at Chainlink Labs Abu Dhabi, stated,
Our alliance will elevate the blockchain ecosystem in the UAE, driving greater innovation and adoption. We are excited to see projects under the purview of ADGM Registration Authority adopt the Chainlink standard, enabling seamless compliance, enhanced connectivity across markets, and highly secure on-chain services.”
Chainlink Future Trends: Analyst Insights
LINK price today traded at $15.31, up 0.31% over the past day. The Chainlink price has experienced an 8.3% surge over the past week despite a monthly decline of 14%. The 24-hour trading volume, currently at $339.14 million, has seen a slight increase of 1.59%. As per a LINK price prediction, the crypto may not witness massive gains ahead based on the current trends.
Reflecting on this positive sentiment, analysts like CW foresee a major bullish upswing. Analyst Marzell provided a detailed analysis of Chainlink presenting a weekly chart. According to him, LINK is currently trading within a clear rising wedge structure, having just bounced off the 0.786 Fibonacci level at $13.55. This level is historically a strong retracement zone.
As this surge aligns with the lower trendline support, it hints at a potential continuation of the upward momentum. If this trend is sustained, the Chainlink price could hit $25.80, $32.66, and $40.70.
Nynu V Jamal
Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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