Ethena crypto (ENA) jumped more than 8% in the past 24 hours to trade around $0.6775, recording nearly $883 million in daily volume, a 133% spike from the previous session.
Crypto traders on X are already debating whether this bounce off the $0.61 support zone could be the launchpad for a larger rally in the Ethena price.
“I think it’s finally time for it to go up (a lot),” wrote Crypto Stream, who is emphasizing how ENA supply between $0.60 and $0.70 was heavily absorbed in recent weeks.
Ethena’s USDe Hits $12.4B, Revenue Doubles Hyperliquid’s
Data shows Ethena generated $53 million in revenue last week, more than double Hyperliquid’s $22.5M. The project’s synthetic dollar, USDe, has expanded to a massive $12.4 billion supply, up 4.6x year-over-year, without a single major depeg.
Analysts note that this growth positions Ethena (ENA) as a key player in the race for on-chain stable liquidity.
Catalysts are stacking up. Ethena’s upcoming HyENATrade platform and the Ethereal DEX could push revenue higher, while the much-anticipated fee switch may channel protocol profits directly into ENA holders.
There’s also speculation around StablecoinX listings on Nasdaq, which some traders argue could divert institutional flows toward ENA given its stronger revenue profile compared with Circle’s USDC.
StablecoinX is a stablecoin-focused treasury company operating validator infrastructure for the Ethena protocol.
Whale Activity Sends Mixed Signals
Not all flows are bullish. On-chain analyst Ali flagged that 80 million ENA tokens were sent to exchanges in the past two weeks, a sign that some whales may be preparing to offload positions.
Exchange inflows often precede selling pressure, though traders point out that the bulk of recent sell walls around $0.65–$0.70 have already been chewed through by demand.
This tug-of-war between accumulating bulls and profit-taking whales explains the choppy order books that kept ENA capped under $0.70 throughout the day.
Still, the market cap now sits at $4.48 billion, with a fully diluted valuation (FDV) of $10.16 billion, leaving plenty of headroom should adoption accelerate.
Ethena Price Prediction: What’s Next for ENA?
Charts show Ethena crypto price consolidating tightly after bouncing from cycle lows near $0.19 earlier this year, with the 200-day moving average rising and the token repeatedly testing its downtrend resistance.
Analyst Rand described ENA as “pushing on the local downtrend resistance looking for the bullish breakout continuation.”
World of Charts went further, calling for a move toward $1 if ENA can clear its current pattern, after already delivering a 100%+ profit from prior breakouts.
The bullish case hinges on Ethena price breaking the $0.70 barrier convincingly; failure could see the token revisit $0.61 support, where buyers previously stepped in.
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