Ethena (ENA) is gaining attention in the cryptocurrency market as it approaches $1. Recent market trends suggest a potential rise, with ENA currently trading at $0.90. Investors are showing confidence in ENA's stability, with 67.45% of holders out of the money.

This indicates a strong holding pattern, which may slow down sales and encourage shareholders to hold onto their assets until their positions reverse.

ENA's network data reveals a healthy and growing ecosystem despite market volatility. The total number of ENA holders has maintained stable growth, with over 36,000 new owners last month. Technical analysis shows a consolidation phase, with the price balanced above key Fibonacci support levels.

The Relative Strength Index (RSI) indicates a balanced market condition, neither overbought nor oversold. This stability, combined with sustainable shareholder growth, presents a situation for potential price increase after a long consolidation period.

ENA is positioned between the 0.737 and 0.5 Fibonacci levels, representing a strong consolidation area. A rise towards $1 is likely, and if this psychological resistance area is reversed, the price may test $1.12 in the next step.