- Surging transactions and rising active addresses indicate growing demand.
- Accumulation by whales suggests a major price move is on the horizon.
- ENA eyes a significant rally toward resistance at $1.20.
Cryptocurrencies traded in the green on Friday, lifted by optimism about potential rate cuts after the latest inflation data.
Market capitalization has reclaimed the $4 trillion milestone as large-cap altcoins like Solana attract attention with steady gains.
This article examines the Ethena ecosystem, which has remained in the community spotlight recently thanks to the expanding synthetic stablecoin USDe.
Although Ethena’s native token lagged behind during the broader rally, fundamentals and technical indicators point to a sizable rebound ahead.
ENA traded at $0.7722 after a 0.67% decline over the past 24 hours, but rising active addresses, whale activity, and transaction volume position the token for a notable recovery.
Bulls will target key resistance at $1.20, implying a potential surge of roughly 54% from ENA’s current market price.
Below we analyze the supporting factors.
On-chain data paints a bullish picture for ENA
Crypto analyst and trader Ali Martinez highlighted Ethena’s growing ecosystem, noting increases in active addresses, transaction volume, and whale activity running in tandem.
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 meaningful network engagement over the past month.
These developments indicate higher user activity as participants move digital assets, transact, and interact with decentralized applications (dApps).
That supports the view of a healthy, expanding ecosystem.
Most importantly, whales have re-entered the market.
Ethena has seen notable wallet growth and inflows, pointing to institutional repositioning ahead of a potential ENA rally.
Ethena’s stablecoin initiatives have boosted institutional interest.
For example, Mega Matrix filed for a $2 billion shelf registration for a USDe strategy last week.
Synthetic stablecoins have gained traction because of their yield-bearing model, distinguishing them from established options like USDT and USDC.
USDe now ranks third among stablecoins, behind USDT and Circle’s USDC, with a market capitalization of $13.2 billion—underscoring impressive growth since its February 2024 launch.
ENA price outlook
Ethena’s native token traded around $0.7720 after a modest decline over the last day.
Analysts attribute some short-term weakness—concurrent with the wider rally—to the project’s departure from the Hyperliquid USDH stablecoin race.
While fading trading volume points to vulnerability, Ethena’s healthy ecosystem could support a meaningful rebound and an extended uptrend.
A bullish resurgence would likely see ENA aim for a foothold at $0.90, which could pave the way for stability above the psychological $1 level.
With continued upside momentum, Ethena could extend toward major resistance in the $1.20–$1.30 range.
That implies more than a 50% rally from ENA’s current market price.
However, the Federal Reserve’s decision next week will set the broader market tone and could influence Ethena’s short-term performance.
Crypto trader and investor Smith forecasts a massive rally for ENA based on weekly chart analysis.
He believes a decisive breakout during altseason could push the token toward $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 maintained confidence in Ethena, demonstrating steady purchases and sharing a bold forecast.
Hayes projects a 51x increase for ENA by 2028.