- Ethena (ENA) nears $1 as TVL tops $10 billion and momentum builds.
- The golden cross and bullish indicators point to another leg up.
- Buybacks, whale activity and USDe growth are driving demand.
The price of Ethena’s native token, ENA, has surged in recent days, drawing attention from traders and investors. At the same time, the protocol’s total value locked (TVL) has surpassed $10 billion, giving fresh momentum to the recovery.
Ethena’s TVL Tops $10 Billion
According to DefiLlama data, Ethena’s TVL jumped to approximately $10.979 billion. The protocol’s inflows and revenue have also risen sharply, with weekly USD deposits increasing significantly over the past several weeks.
Additionally, Ethena’s synthetic dollar, USDe, has become one of the largest stablecoins by market capitalization, now estimated at more than $10.2 billion.
Notably, USDe’s high APY and its cross-chain expansion have attracted both retail and institutional liquidity, contributing to the protocol’s rapid growth.
Technical Analysis Signals a Bull Run
From a technical perspective, the charts favor the bulls after a classic golden cross formed, with the 50-day EMA crossing above the 200-day EMA.
Momentum indicators reinforce the bullish case: the relative strength index (RSI) has climbed and a bullish MACD crossover has taken place, both supporting further upside.
Price action has also shown higher highs and formed an ascending channel, which traders interpret as a sustainable bullish structure.
However, some caution is warranted because the RSI has entered overbought territory, increasing the risk of a short-term pullback.
Token Buybacks Strengthen the Bullish Thesis
Ethena’s tokenomics include a $260 million buyback fund that is currently targeting roughly $5 million in daily repurchases.
These sustained buybacks have already begun to reduce circulating supply, introducing a scarcity premium for ENA holders.
Upcoming token unlocks and a planned fee structure change could further shift supply dynamics, potentially enhancing value for long-term holders.
Whales, Volume and Institutional Interest
On-chain analysis shows increasing whale accumulation, with large addresses holding a significant portion of the token supply.
Institutional flows into derivatives products have also picked up, reflected by rising open interest, which suggests growing professional participation.
Cash and futures liquidity have increased as well, with recent daily volumes reaching multi-billion-dollar ranges.
Key Ethena Price Levels to Watch
The market has established $0.75 as a key support level; traders are watching this area closely.
Immediate resistance lies in the $0.84–$0.87 band, and a decisive break above this zone could pave the way toward $1.00.
Analysts cite upside targets of $1.02 and $1.18 if momentum continues, with extended rallies potentially reaching higher levels.
Conversely, a break below $0.68 would raise the likelihood of a deeper correction, and traders should manage risk accordingly.
Key catalysts to monitor include the pace of buybacks, exchange listing news and broader adoption metrics for USDe.
Additionally, on-chain whale movements and derivatives open interest should be watched closely for signs of shifting allocations or changing market sentiment.