Enjin surges 45% as volume and open interest hit multi-month highs

Key takeaways

• ENJ is one of the best performers in the crypto market, up 45% in the last 24 hours.
• The rally could allow ENJ to surge towards $0.045 in the near term. 

Enjin Coin (ENJ) continues to rally

Enjin Coin (ENJ) extends its gains, holding steady above $0.035 on Thursday following a remarkable 45% price increase in the last 24 hours. 

This bullish momentum is underpinned by both on-chain and derivatives data, with a positive technical outlook suggesting that ENJ may continue its upward trend in the near future.

Data obtained from Santiment shows that Enjin Coin’s ecosystem trading volume surged to $216.97 million on Thursday, marking the highest trading volume since April 2025. 

Meanwhile, CoinGlass data shows that ENJ’s futures Open Interest (OI) reached a new record of $74.68 million on Thursday, up significantly from $19.82 million on Tuesday. A rising OI indicates fresh capital entering the market, which could further propel the coin’s price upward.

Despite the rally, traders remain cautious as some early signs of buyer fatigue begin to surface. According to CryptoQuant, there is a rise in retail activity, suggesting a shift in market sentiment. 

Furthermore, sell-side dominance in both the spot and futures markets may point to potential bearish pressure, signaling that the current rally could face resistance in the near term.

ENJ eyes further gains after 45% increase

The ENJ/USD 4-hour chart is bullish and efficient thanks to the 45% rally. The rally has lifted ENJ price back above the short- and medium-term Exponential Moving Averages (EMA), leaving only the 200-day EMA at $0.035 as immediate overhead resistance.

The Relative Strength Index (RSI) on the 4-hour chart reads 70, indicating a bullish bias. The Moving Average Convergence Divergence (MACD) histogram turning strongly positive reinforces growing upside momentum.

If the rally persists, initial resistance is seen at the 200-day EMA at $0.035. If the daily candle closes above this level, it could extend its rally towards the $0.051 resistance level, followed by $0.066 and $0.082 zones. 

However, if the bears regain control, ENJ would likely face the initial support at $0.031. The 100-day EMA at $0.024 and the 50-day EMA at $0.022, together with the lower horizontal level at $0.019, form a deeper demand zone that could also prove to be bouncing support levels in the near term.