🔍 Ethena (ENA): What The Chart is Telling Us Now

Here’s how Ethena’s price action is shaping up:

✅ Highlighted Technical Patterns:

Price is holding near $0.59, testing resistance around $0.60–$0.62.

$ENA has recently broken its rising channel, signaling potential momentum loss unless bulls reclaim the $0.62 zone

A failed breakout above $0.62 is a red flag; volume is low and momentum is fading.

Support levels to watch: $0.55 → $0.50 → $0.44 → $0.35, with accumulation clusters notably at ~$0.35 and $0.60 zones.

📊 Market & Fundamental Drivers
USDe Supply Explosion: Ethena’s stablecoin USDe surged nearly 75% in July, reaching a supply of ~$9.3B—already the 3rd‑largest on Ethereum. That growth is feeding demand for ENA.

Token Unlock Incoming: Over $100M in ENA tokens unlocks this week—a critical variable that may trigger selling pressure.

Strong Metrics: TVL recently topped $9.5B, protocol fees surged, and whale accumulation continues on dips, reflecting faith in long-term fundamentals despite near-term risk.
✏️ Bringing all this into focus: given the mix of strong fundamentals, looming unlocks, and resistance testing, what do you think ENA does next?

🚀 Breakout to $0.70+

🧊 Sideways hold in $0.55–$0.60 range

📉 Pullback toward $0.50 or $0.44