- A surge in transactions and active addresses signals rising demand.
- Accumulation by whales suggests a large price move may be approaching.
- ENA is eyeing a significant rise toward the $1.20 resistance level.
Cryptocurrency markets traded higher on Friday, buoyed by optimistic expectations of rate cuts following the latest inflation data.
Overall market capitalization has reclaimed the $4 trillion mark, with large-cap altcoins like Solana drawing attention through steady gains.
Meanwhile, this article examines the Ethena ecosystem, which has recently attracted community interest thanks to the thriving USDe synthetic stablecoin initiative.
Although Ethena’s native token has lagged behind the broader rally, on-chain fundamentals and technical indicators point toward a potential major upside.
ENA is trading at $0.7722 after a 0.67% decline over the past 24 hours, but rising active addresses, whale activity, and transaction volume suggest the token could stage a notable rebound.
Bullish traders are targeting a key resistance near $1.20, which would represent roughly a 54% increase from ENA’s current market price.
Below, we analyze the supporting factors.
On-chain data paints a bullish picture for ENA
Cryptocurrency analyst and trader Ali Martinez highlighted that Ethena’s active addresses, transaction volume, and whale activity have all been trending upward, reflecting a healthy and engaged network.
Ethena $ENA active addresses, transaction volume, and whale activity all rising in tandem! pic.twitter.com/oglKv5ZYXV
— Ali (@ali_charts) September 12, 2025
This chart reflects significant network engagement over the past month.
Such activity commonly indicates increased movement of digital assets, more on-chain transactions, and more interactions with decentralized applications (dApps) — all signs of a growing ecosystem.
Crucially, whale returns to the network have also been observed.
Ethena has seen wallet growth and meaningful capital inflows, suggesting institutions may be repositioning ahead of a potential ENA appreciation.
Interest from institutional players has been supported by Ethena’s stablecoin initiatives.
For example, Mega Matrix filed a shelf registration last week to support a $2 billion USDe strategy.
Synthetic stablecoins have drawn attention because their yield models differ from established coins such as USDT and USDC.
USDe currently ranks third in stablecoin market share behind Tether and Circle’s USDC, with a market cap of $13.2 billion — a notable rise since its February 2024 launch.
ENA price outlook
Ethena’s native token is trading around $0.7720 after a slight dip over the past day.
Analysts believe the token’s underperformance relative to the broader rally partly stems from the project stepping back from the hyper-liquid stablecoin race centered on USDH.
Decreased trading volume points to temporary weakness, but on-chain measures indicate Ethena retains the ecosystem strength needed to support a significant recovery and subsequent rally.
On a bullish turn, ENA is likely to first aim for a foothold at $0.90, a level that could help sustain a move above the psychologically important $1.00 mark.
From there, upward momentum could push the token toward the critical resistance zone between $1.20 and $1.30.
That scenario implies a potential increase of more than 50% from ENA’s current market price.
However, next week’s Federal Reserve decision could set the tone for markets and influence Ethena’s near-term performance.
Cryptocurrency trader and investor Smith cited weekly charts when predicting a substantial breakout for ENA.
He suggested that if a decisive breakout occurs during altcoin season, the token could rise as high as $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 repeatedly expressed confidence in Ethena, backing his stance with consistent purchases and bold long-term forecasts.
Hayes has predicted that ENA could grow substantially over the coming years, projecting a large multiple by 2028.