Reason for ENSO's strong price increase today:
1. Sudden price surge during trading session
ENSO has risen over 43% in a trading session, increasing from about $0.60 to $0.85. According to Crypto.com, ENSO rose 10.68% in the past 24 hours, indicating continuous growth.
2. Limited supply - the most important factor
ENSO has an extremely low circulating supply with only about 20.59 million tokens in circulation compared to a maximum of 127.33 million tokens, meaning less than 1/6 of the total supply is available for trading. Under these conditions, even a slight increase in demand can lead to significant price volatility as buyers rush in, with not enough tokens on the market to smoothly absorb the demand.
3. Strategic integration with Monad Network
Enso has confirmed full integration with the Monad mainnet, allowing developers immediate access to necessary DeFi tools and liquidity. The integration will take effect on November 24, ensuring that Monad builders can start creating DeFi applications such as lending, trading, and more.
Enso, a leading provider of blockchain shortcuts, has announced that it will support the launch of the Monad mainnet on November 24. Enso will be fully integrated from day one, allowing Monad builders to create DeFi applications, from lending to trading.
4. Trading volume has increased significantly
In the past 24 hours, trading volume has increased significantly, price resistance levels have been easily broken, and buyers have flooded the market. The trading volume of Enso (ENSO) is $12,542,613.54 in the past 24 hours, up 18.90% from a day ago, signaling a recent uptick in market activity.
5. Positive technical signals
The price increase is supported by volume rather than thin trading. Secondly, it coincides with specific application news rather than vague announcements. Thirdly, the technical breakout occurs after a prolonged consolidation period, indicating pent-up demand rather than impulsive buying and selling.
6. Short-term price targets
The most important level for Enso currently is around 0.80–\0.82. As long as the price stays above this level, the upward momentum remains intact. If buying pressure continues, the next short-term targets are between $0.92 and $0.98.
7. Impressive performance achievements
Enso has supported over 145+ enterprise-grade products and has been used to facilitate over $17 billion on-chain payments. Notably, it plays a crucial role in the highly anticipated Berachain launch, where Enso was used to facilitate over $3.1 billion in transactions.
