🔥 Ethena Bulls Charge — 150% Rally Fueled by $10B TVL and Golden Cross Signal

Ethena (ENA) has grown 150% in 30 days and 40% in a week.

The protocol's Total Value Locked (TVL) surpassed $10 billion for the first time due to the acceptance of USDe, its synthetic dollar, which just became the world's third-largest stablecoin by market value.

Related: Ethereum Treasury Companies Threaten Bitcoin? Michael Saylor reveals his stance: daily $5 million ENA buybacks limit supply, but whale addresses with 100k-1M ENA grew 12% in July, owning approximately 30% of circulating tokens.

A bullish golden cross—the 50-day Exponential Moving Average crossing above the 200-day EMA—supported ENA's breakthrough.

The token's MACD has crossed bullishly, and its RSI is approaching 74, indicating strong momentum without overbought circumstances.

The bullish flag pattern broke on August 10 as ENA rose 14.7% from $0.64 to $0.81, pushing toward today's high at $0.85.

Immediate resistance is $0.8741 and psychological $1.00. Analysts say a breach over $1 might spark a run to $1.25 or $1.50.

However, $29.8M of ENA exchanged during August 9–10, which might cause short-term volatility. Downside supports are $0.70, $0.56, and $0.47.

Ecosystem Growth and Whale Activity Improve Outlook
LayerZero supports 23 blockchains for USDe, handling $743M in cross-chain trade last week.

Ethena's growing ecosystem and significant derivatives market activity drove futures volume up 41.84% to $4.35B, indicating market interest.

Large investors have increased their holdings by over 30% in the previous week, highlighting whale buildup. These actions, together with Ethena's forthcoming “fee switch” to compensate ENA holders, might boost token value, analysts believe.

Ethena's strong technical performance, on-chain growth, and rising institutional participation make it a top DeFi token if positive trend continues.

@Ethena Labs
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