ENA showing signs of recovery momentum—up 1.04% over the past 24 hours as Ethena Labs executed a significant $12.18M token buyback. This kind of on-chain support typically signals team conviction and provides a floor for price action.

Technically, the token has reclaimed the $0.234 level (30-day simple moving average), which matters because it's been acting as key resistance. More importantly, MACD is flashing bullish crossover signals—long crossing above the signal line. That's the kind of confluence traders watch for: institutional buying pressure meeting positive technical setup.

The real question now is whether this momentum holds or fades. Buybacks alone don't guarantee rallies, but combined with improving technical indicators and market sentiment shifting back positive, ENA has room to run if broader market conditions cooperate.