Ethena (ENA) has experienced notable growth in the cryptocurrency market, recording a 150% increase over the past 30 days and rising by 40% during the previous week.
The explosive growth coincides with the protocol’s Total Value Locked (TVL) surpassing $10 billion for the first time, driven by surging adoption of its synthetic dollar, USDe, which recently became the world’s third-largest stablecoin by market cap.
Daily $5 million ENA buybacks are tightening supply, while whale addresses holding 100k–1M ENA have grown 12% in July, now controlling nearly 30% of circulating tokens.
Technically, ENA’s breakout has been supported by a golden cross, the 50-day Exponential Moving Average crossing above the 200-day EMA, a classic bullish indicator.
The token’s RSI is near 74, suggesting strong momentum without extreme overbought conditions, while the MACD has confirmed a bullish crossover.
Immediate resistance sits at $0.8741 and the psychological $1.00 level. A decisive break above $1 could trigger a run toward $1.25 and potentially $1.50, according to analysts.
However, $29.8M in ENA moved to exchanges between August 9–10, which could spark short-term volatility. Key downside supports lie at $0.70, $0.56, and $0.47.
The USDe stablecoin is now supported across 23 blockchains via LayerZero, processing over $743M in cross-chain volume last week alone.
Ethena’s expanding ecosystem, combined with strong derivatives market activity, futures volume surged 41.84% to $4.35B, points to sustained market interest.
Provided that bullish momentum continues, Ethena’s robust technical performance, notable on-chain expansion, and increasing institutional engagement collectively position it as one of the top DeFi tokens.
Cover image from Unsplash, ENAUSD chart from Tradingview
