Ethena Crypto ($ENA) is back on traders’ radar after a sharp rebound this week. The token climbed nearly 16% in 24 hours to around $0.46, reclaiming its spot among the day’s top gainers across major exchanges.
Behind the move is a wave of whale accumulation and renewed confidence in Ethena’s expanding Stablecoin-as-a-Service (SaaS) ecosystem. This combination could shape the next short-term leg higher.
For now, the sentiment is cautiously bullish. On-chain data shows heavy accumulation, while technical indicators suggest a breakout setup that traders have been waiting on for weeks.
On-Chain Data Hints at Quiet Accumulation Phase
According to Onchain Lens, a multisig wallet tied to the Ethena founder accumulated over 48 million ENA, worth around $20.4 million, from Binance and Bybit in just three days. That’s no small signal.
Whales often move ahead of major narrative shifts, and this inflow coincides with Ethena’s integration with Conduit, a rollup platform powering 60 + Ethereum chains and over $4 billion TVL.
This partnership turns Ethena into the back-end stablecoin infrastructure for new chains, embedding its USDe stablecoin model directly into DeFi ecosystems.
After days of FUD around the October 10 USDe depeg, sentiment appears to have flipped, especially after Binance’s $400 million reimbursement fund restored user confidence.
Ethena’s fundamentals are also improving: TVL has surged to $12.4 billion, and daily trading volume jumped nearly 70% to $677 million.
Ethena Coin Consolidates for a Possible Breakout
ENA/USD is forming a long-term descending triangle that is close to breaking. Trader Don pointed out that the “green line is a magnet,” meaning that if the coin breaks out of the consolidation, it might surge to $1.955 in the near term. Momentum indicators are neutral right now, with the RSI at 42, which allows for potential growth if buying increases.
Popular analyst Crypto Patel expects a potential move toward $5 in the next bull cycle but calls the $0.30–$0.40 band the “golden accumulation zone.”
For short-term traders, the key battleground remains the $0.45–$0.47 area. A decisive close above $0.50 could open the path to $0.60 and possibly $0.70, while failure to hold $0.40 may trigger a quick pullback toward $0.36.
Despite the optimism, technical dashboards still flash mixed signals: out of 26 indicators, 12 show sell, 10 neutral, and 4 buy. That split reinforces that momentum is still developing, not yet runaway.
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