Ethena Price Soars 6% As Traders Buy This ICO With 869% APY

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The Ethena price jumped 4% in the last 24 hours to trade at $1.0893 as of 11:17 p.m. EST on trading volume that plunged 13% to $762 million.

This comes as Arthur Hayes, former BitMEx CEO, deposited 2 million $ENA, worth $2.06 million into Bybit at an average price of $0.97.

Over the past 2 days, Hayes has unstaked and deposited 9M $ENA ($10.6M) to Binance and Bybit at an average price of $1.173, leaving behind 7.94M $ENA ($8.1M) still staked.

Arthur Hayes (@CryptoHayes) has deposited 2M $ENA, worth $2.06M, into #Bybit at an average price of $0.97.

Previously, he unstaked 9.01M $ENA and deposited $7M $ENA into #Binance.

Wallet: 0x6cd66dbdfe289ab83d7311b668ada83a12447e21 https://t.co/2lbsx6TGYH pic.twitter.com/OHsqqllgn9

— Onchain Lens (@OnchainLens) December 22, 2024

Ethena Price Could Still Soar

The Ethena price has been on a price recovery from the $0.22 support in September, according to data from GeckoTerminal. ENA recovered to the $1.03 resistance, which allowed it complete a rounding bottom pattern.

The ENA price is now consolidating above the resistance, as it aims for another leg up.

Meanwhile, the Ethena price is trading above both the 50-day and 200-day Simple Moving Averages (SMAs), showing that the asset could still soar from the current level.

The Relative Strength Index (RSI) is at 56.19, suggesting moderate bullish momentum without being overbought. This indicates room for further price appreciation before overbought conditions may cause a correction.

If the Ethena price soars above the current consolidation, the bulls may push ENA to the next possible resistance at $1.6.

Ethena Price Chart Analysis Source: GeckoTerminal — ENAUSD Chart Analysis Source: GeckoTerminal

However, if the bears take charge of the asset, the price of Ethena may drop to the next possible support level around $0.78, coinciding with the 200-day SMA.

As the Ethena price jumps, investors are also snapping up the new Solana meme coin Solaxy (SOLX). 99Bitcoins, a popular crypto channel on YouTube with over 719K subscribers, says it might soar 100x after launch.

Solaxy Passes $4.5 Million In Blockbuster Presale

Solana has gained favor from many developers due to its promise of fast transaction speeds and low transaction fees. However, when it comes to scalability, the blockchain is severely lacking.

Enter, Solaxy, which aims to provide a novel layer 2 solution for Solana, offering a transparent ecosystem that’s more efficient, has lower transaction speeds, and is infinitely more scalable than the rest.

🚨 Solaxy is now live in Upcoming Tokens! 🚨@SOLAXYTOKEN gives holders an opportunity to join the first-ever Solana Layer 2 blockchain.

Solaxy is set to enhance blockchain innovation through limiting congestion, reducing failed transactions, and improving scalability on SOL.… pic.twitter.com/satNF6zFNF

— Best Wallet (@BestWalletHQ) December 17, 2024

Investors are buying the narrative, with the presale racing past $4.5 million in early funding.

Buyers of the SOLX token can also earn passively on the platform, with a humongous 869% annual staking rewards.

Investors interested in participating in the presale can visit the official Solaxy website to buy SOLX tokens at the current price of $0.001576 each using BNB, ETH, USDT, or a bank card.

Buy before a price hike in slightly more than a day to secure the best deal.

Visit SOLX here.