"Ethena Surges: Network Activity Soars, Price Jumps 10% in 24 Hours"

Ethena, a cryptocurrency, has recently experienced a significant surge in network activity, with new addresses growing by 328.77% and active addresses rising by 104.60% over the past week. This increase in user engagement suggests growing interest in the coin and could potentially drive its price higher.

At the time of writing, Ethena's price was $0.4611, having surged by 10.16% in just 24 hours. This jump was accompanied by a 257.25% rise in its 24-hour trading volume, highlighting a growing demand for the asset. Ethena's price action showed that the coin had been in a period of correction since its peak in early January, but it was trading near a critical support level of $0.455 at the time. If Ethena can maintain a close above this level, there is potential for a rally toward the next resistance point at $0.60658.

Positive market sentiment was driven by increased network activity, Open Interest, and short liquidations. Ethena's Open Interest has seen a notable increase of 6.61%, reaching $364.14 million, indicating a rising confidence in the market with more participants taking positions. On the 22nd of February, total liquidations amounted to $250.04K in short positions and $176.86K in long positions. The larger liquidations of short positions suggested that market sentiment was shifting toward the bulls, and as short traders are forced to cover their positions, upward pressure on Ethena's price is likely to continue.

At press time, 67.17% of Ethena addresses were "in the money," holding positions above the press time price of $0.464. This indicates that a significant portion of Ethena holders were in a favorable position, reflecting investor confidence. Meanwhile, only 10.54% of addresses were "out of the money," indicating that the majority of holders have seen returns on their investments. The concentration of "in the money" positions added to the overall stability of Ethena, suggesting that most investors were holding onto their assets rather than selling.

In conclusion, Ethena has shown significant signs of growth, both in terms of network activity and price action. While resistance levels remain