币界网报道：Ethena (ENA) has been trading in a descending channel since late 2024 and is currently testing resistance near $0.36 and the 100-day simple moving average at $0.3479. A daily close above $0.37 could push prices to $0.45, but this would require an increase in volume and a breakout above the $0.41 resistance level for confirmation. A large number of holders are at breakeven, creating a psychological resistance that could limit price gains. Large positions are decreasing, while medium-sized and retail positions are increasing, indicating increased confidence among small investors but weakening support from large holders. Spot outflows are outstripping inflows, indicating accumulation and reduced selling pressure, which supports a bullish outlook, provided this is sustained. Open interest has increased by 10.51%, indicating increased speculative activity that could bring volatility. Overall, ENA is at a critical juncture and could trigger a price breakout if it can overcome resistance and selling pressure, but success depends on continued inflows, accumulation, and confirmation of a breakout above $0.41.