$ENA $Recent scrutiny of ENA reveals a mixed — and somewhat cautious — outlook. While earlier in 2025 the protocol showed strength, with rising on-chain activity, institutional accumulation, and growing usage of its stablecoin USDe — factors that once fueled optimism about ENA’s long-term potential.

However, more recent developments have rattled confidence: a major infrastructure initiative tied to Ethena, Converge Chain, failed to launch — undermining hopes for broader ecosystem expansion.

On the technical side, ENA has slipped into a bearish channel with weakening momentum indicators and rising supply pressure from large token unlocks, which raises risk of further price drops if support zones don’t hold.

ENA

0.2149

-10.04%

If you like — I can also project 3-month and 12-month scenarios for ENA (bullish / bearish / base-case) based on current data.

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