 ▲ DeFi (Decentralized Finance) / AI-generated image © |
Ethena (ENA) and Polygon (POL), two major platforms in the decentralized finance (DeFi) ecosystem, have begun establishing a bottom despite a severe market downturn, successfully defending against capital outflows from their networks. As massive unrealized losses among investors paradoxically signal the possible end of the decline, whether both tokens can break above the key resistance level of the 20-day Exponential Moving Average (EMA) is expected to serve as a major turning point for a potential rebound.
According to investment media outlet FXStreet on February 13 (local time), Ethena rose 6% במהלך Friday’s session before giving back some gains and is currently trading around $0.116. Analysis by Santiment data shows that Ethena investors are experiencing massive unrealized losses averaging about 70%, which paradoxically suggests that prices may be nearing a bottom and that the risk of further downside has diminished.
Despite the token’s price collapse, Ethena has maintained its core fundamental metric—Total Value Locked (TVL)—steadily above $7 billion since the beginning of the year. On the daily chart, the 20-day EMA at $0.138 is sloping downward and suppressing price recovery, indicating that short-term trends remain under bearish pressure. The Relative Strength Index (RSI), approaching oversold territory, stands at 30. Support has formed at $0.101, while strong resistance is expected at $0.262 and $0.468 on the upside.
Polygon has also rebounded nearly 10% over the past 24 hours, but it remains down about 50% from its yearly high of $0.184 recorded on January 11. According to DefiLlama data, despite this harsh correction, Polygon’s Total Value Locked (TVL) has held above $1 billion for more than a month, demonstrating that no significant capital outflows have occurred within the blockchain.
On the daily chart, Polygon is currently trading at $0.097, and like Ethena, the 20-day EMA at $0.104 is acting as a key resistance level that is limiting short-term recovery. The RSI stands at 41, indicating that upward momentum remains weak, but the stochastic indicator has turned upward around the 40 level, signaling tentative signs of bottom stabilization. Immediate resistance is located at $0.168, with support at $0.088.
Experts note that although Polygon’s momentum indicators are showing early signs of improvement, a full trend reversal would require a daily close above the 20-day EMA. If the $0.168 resistance level is broken, a smooth rise toward $0.212 is anticipated. However, if the breakout fails, the bearish bias may persist and the rebound could prove temporary.
Disclaimer: This article is for investment reference purposes only and the publisher is not responsible for any investment losses resulting from its use. The content should be interpreted for informational purposes only.