Ethena price (ENA) is leading the crypto market today after breaking above a critical resistance at $0.60, with whales scooping up tens of millions of tokens and on-chain metrics lighting up green.
The altcoin surged over 14% in 24 hours, pushing to $0.6668 as of press time, with bulls now targeting $0.75–$0.78, and possibly $1+ in the mid-term.
Bullish Sentiment – Whale Accumulation and TVL Growth
On-chain data shared by analyst @ali_charts revealed that whales accumulated 79.25 million ENA in just the past week. This surge in large-holder interest coincides with a broader market rebound and Ethena’s strong position in the DeFi space.
According to DeFiLlama, Ethena’s total value locked (TVL) hit $8.44 billion on July 31, marking over 50% growth in a month. The sharp increase reflects the protocol’s growing adoption and capital inflow.
Fueling this demand is StablecoinX, which has reportedly been purchasing $5 million worth of ENA daily from its $260 million war chest. They’re actively reducing circulating supply, giving bulls more breathing room.
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Analyst Targets $0.75–$1.30 for Ethena Price
The Ethena price has broken above the $0.60 resistance level, which is also where the 23.6% Fibonacci retracement is located. This has confirmed a bullish trend in the short term.
ENA is now comfortably holding above the 7-day SMA at $0.592, with momentum indicators signaling continued strength. RSI currently sits at 67.25, suggesting bullish control without being overbought, while the MACD histogram has flipped positive (+0.0126), confirming a bullish crossover.
Several top analysts and traders are aligned on the upside potential. Popular analyst Ali flagged a TD Sequential buy signal at $0.578, which marked the beginning of this leg higher.
Another expert highlighted the key role of $0.394 as make-or-break support for the current wave count, holding above it keeps the bullish structure intact.
Meanwhile, @follis_ sees more aggressive upside, calling $1.30 “programmed,” backed by a long setup showing 1,845% ROI potential.
If ENA can clear the $0.70–$0.75 Fibonacci extension zones and past resistance levels, the next targets are around $0.78. It can go as high as $1.00 to $1.30 in the coming weeks, especially if whales keep buying and demand from StablecoinX continues.
That said, traders should watch the $0.60 level closely. If ENA drops below it or fails to hold $0.592, the breakout could lose steam and slow the upside momentum.
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