Rapid Price Growth and Technical Breakout
Ethena (ENA) has recorded a dramatic 150% price increase over the past month, including a 40% surge in the last seven days. The latest breakout was catalyzed by a bullish flag pattern confirmed on August 10, propelling ENA from $0.64 to $0.81, with current highs testing $0.85. The bullish narrative is reinforced by a golden cross signal—where the 50-day EMA crossed above the 200-day EMA—coupled with a rising MACD and RSI nearing 74, reflecting strong upward momentum without tipping into overbought territory.
On-Chain Growth: USDe and TVL Milestone
A core driver behind ENA’s rally is the growing adoption of Ethena’s synthetic dollar, USDe. With USDe now ranked as the world’s third-largest stablecoin by market value, the protocol’s Total Value Locked has exceeded $10 billion for the first time. This milestone cements Ethena’s place among top-performing DeFi platforms, signaling strong user confidence and liquidity inflows.
Whale Activity and Strategic Buybacks
Market data reveals intensified accumulation among large wallets. Addresses holding between 100,000 and 1 million ENA tokens increased by 12% in July, now owning approximately 30% of the circulating supply. Strategic buybacks—reportedly $5 million daily—are likely contributing to constrained supply and bullish sentiment. Nonetheless, $29.8 million in ENA trading volume between August 9–10 suggests potential short-term volatility ahead.
Ecosystem Expansion and Futures Market Impact
Ethena’s integration with LayerZero now spans 23 blockchain networks, facilitating $743 million in cross-chain volume last week alone. Futures trading activity has surged by 41.84% to $4.35 billion, a clear indicator of rising speculative interest. Institutional accumulation has climbed over 30% this week, further validating long-term bullish expectations.
Outlook and Key Price Levels
Immediate resistance lies at $0.8741 and the psychological barrier at $1.00. A successful breakout could extend gains toward $1.25 or even $1.50, according to analyst forecasts. On the downside, support levels are identified at $0.70, $0.56, and $0.47, offering technical buffers in case of a correction.
Ethena’s recent performance exemplifies the intersection of strong technical indicators, strategic on-chain growth, and rising institutional involvement. If current trends hold, ENA may solidify its standing as one of DeFi’s leading tokens.