Ethena’s ENA token has surged over 7% in the past 24 hours, climbing from $0.468 to nearly $0.51. Fresh capital inflows, a unique stablecoin strategy, and aggressive whale accumulation power this rally. At the same time, technical charts suggest that the Ethena price may be gearing up for an even larger breakout.
Why Ethena Is Pumping Right Now
The primary catalyst lies in Ethena’s USD-backed stablecoin ecosystem, particularly sUSDe, which recently attracted nearly $2 billion in a single week.
As tweeted by analyst Axel Bitblaze, sUSDe offers a 10% APY, sparking a DeFi looping frenzy. Traders are farming this high yield, which in turn keeps creating fresh demand for ENA.
Meanwhile, Ethena isn’t relying on treasury bills like USDT or USDC. Instead, it profits from perpetual funding rates, sharing the rewards with ENA holders.
Adding to the excitement is a Nasdaq angle, as Ethena’s partner is preparing for an IPO, while a $360M treasury initiative will allocate $260M to open-market ENA buybacks. That’s a potential 8% of the token supply being absorbed within just six weeks, reducing available liquidity and amplifying price impact.
On-Chain Data Confirms Supply Shock
DefiLlama data shows Ethena’s Total Value Locked (TVL) has spiked to $7.16B, reclaiming levels not seen since early 2025. Meanwhile, CoinMarketCap reports that ENA’s 24-hour volume exceeded $1 billion.
Further on-chain metrics indicate that $1.23 billion ENA was recently withdrawn from exchanges, reducing the liquid supply by over 8%.
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Whale activity remains dominant. Arthur Hayes alone added $1 million worth of Ethena coin, increasing his total holdings to $12.5 million since mid-July. Top holders now control 74% of the token supply, meaning any significant accumulation can sharply move prices.
Ethena Price Prediction: Bullish Retest Signals Next Leg Up
On the technical side, things are aligning for more upside. Ali Charts highlighted that ENA is undergoing a bullish retest, forming a solid base after clearing key Fibonacci levels around $0.46.
Bollinger Bands on CentralCharts indicate that the price is hugging the upper band at $0.55, suggesting continued buying pressure.
The closing price of $0.50 keeps Ethena crypto above the 50-day moving average of $0.32 and the 100-day moving average of $0.33, which is a strong positive sign. If this trend continues, the next resistance level is $0.68 (Fibonacci level 0.382). After that, Ethena price could move toward $0.85–$0.95, possibly paving the way to reach the key $1 level.
However, it’s important to be cautious. The rally is heavily fueled by demand for DeFi yields, and any drop in sUSDe APY or funding rates could trigger a correction. Also, the high concentration of the Ethena token among whales means that sudden sell-offs could lead to volatile swings.
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