$ENA

**Ethena (ENA) Analysis**

**Project**: Ethena is an Ethereum protocol that offers **USDe**, a stable synthetic dollar backed by crypto assets and hedging strategies, and **sUSDe**, which generates yields (~18% APY in 2024). With a TVL of $8.679 billion, it seeks to be an innovative DeFi solution.

**Relevant News**:

- **Growth**: USDe reached $9.5 billion in supply (+75% in July 2025). ENA rose 135% in one month.

- **Token Unlocking**: $100 million in ENA released on August 5, 2025, with $250 million transferred to exchanges, which may generate selling pressure.

- **Regulation**: Advances with the CFTC and the Genius Act bolster institutional adoption.

- **Partnerships**: Collaboration with Anchorage Digital for USDtb and proposal to list SOL as backing.

**Current Price (08/05/2025)**:

- ~$0.60 USD, with a market cap of ~$3.9 billion.

- Support: $0.55-$0.58; Resistance: $0.62-$0.70.

- Indicators: Neutral RSI (~50), bullish moving averages.

**Price Projection**:

- **Short-term (2025-2026)**: $0.50-$1.35 (bullish: $1.27-$1.35; bearish: $0.25-$0.40).

- **Long-term (2030)**: $1.33-$3.20 (bullish: up to $15 in 2028; bearish: $0.84).

- **Key Factors**: USDe adoption, token unlocks, crypto market cycles, regulations.

**Project Outlook**:

- **Strengths**: Stablecoin innovation, high TVL, institutional backing.

- **Risks**: Volatility, competition, token unlocks, dependence on Ethereum.

- **Future**: Growth potential in DeFi and institutional markets, conditioned by stable returns and regulations.

**Recommendation**: Monitor technical levels ($0.55-$0.70) and unlocks. Long-term upside potential, but with high volatility. DYOR and diversify.

**Note**: Not financial advice. Cryptocurrencies are high risk.