- Rising transaction counts and active addresses point to growing demand.
- Accumulation by whales suggests large price moves may be coming.
- ENA is targeting a significant rally toward resistance at $1.20.
On Friday, cryptocurrencies are trading in the green as optimism grows around potential rate cuts following the latest inflation figures.
Market capitalization has reclaimed the $4 trillion threshold, with large-cap altcoins like Solana standing out with steady gains.
Meanwhile, this article examines the Ethena ecosystem, which has recently attracted attention thanks to its expanding synthetic stablecoin, USDe.
Although Ethena’s native token has lagged behind broader market rallies, fundamentals and technical indicators point to a potentially large upside ahead.
ENA is trading at $0.7722 after a 0.67% decline over the past day, but rising active addresses, whale activity, and transaction volume position the token for notable rebounds.
Bullish traders will target the key resistance at $1.20, which would represent an increase of roughly 54% from ENA’s current market price.
Below we analyze the supporting factors.
On-chain data paints a bullish picture for ENA
Analyst and crypto trader Ali Martinez highlighted Ethena’s growing ecosystem, noting that active addresses, transaction volume, and whale activity are all trending higher.
Ethena $ENA active addresses, transaction volume, and whale activity all rising in tandem! pic.twitter.com/oglKv5ZYXV
— Ali (@ali_charts) September 12, 2025
The chart reflects strong network engagement over the past month.
These developments indicate increased user activity moving digital assets, executing transactions, and interacting with decentralized applications (dApps).
Overall, they point to a healthy and expanding ecosystem.
Notably, whales have returned as well.
Ethena has seen wallet growth and significant inflows, suggesting institutional repositioning ahead of potential ENA rallies.
Ethena’s stablecoin initiative has bolstered institutional interest.
For example, last week Mega Matrix filed a $2 billion registration related to a USDe strategy.
The synthetic stablecoin has gained traction because of its yield model, which differentiates it from established peers like USDT and USDC.
USDe ranks third among stablecoins, behind USDT and Circle’s USDC, with a market capitalization of $13.2 billion—an impressive expansion since its launch in February 2024.
ENA price outlook
Ethena’s native token is trading around $0.7720 after a modest decline over the last day.
Analysts attribute the recent weakness—occurring even as broader markets rally—to the project stepping back from the Hyperliquid USDH stablecoin race.
While softer trading volumes indicate near-term vulnerability, Ethena’s ecosystem appears resilient enough to support meaningful rebounds and rallies.
A bullish recovery could push ENA toward $0.90, helping to establish stability above the psychological $1 level.
If momentum continues, Ethena could extend toward key resistance between $1.20 and $1.30 amid further gains.
That move would represent more than a 50% gain from ENA’s current market price.
However, next week’s Federal Reserve decision will set the market tone and could influence Ethena’s short-term performance.
Trader and crypto investor Smith expects a major rally for ENA based on the weekly chart.
He believes a decisive breakout during an altcoin season could propel the token to $7.
$ENA gearing up for breakout.
Altcoin season could push this 5X higher.
Weekly target: $7+.
Massive rally ahead. pic.twitter.com/PKXKa0Z8Y2
— Smith (@CryptoSmith0x) September 10, 2025
Additionally, BitMEX co-founder Arthur Hayes has expressed continued confidence in Ethena, reflected in steady purchases and bold predictions.
Hayes has forecasted a potential 51x increase for ENA by 2028.