Ethena’s ENA token is lighting up trader dashboards this weekend after a 19% rally in the past 24 hours pushed prices to $0.7365. The surge, backed by $1.26 billion in trading volume (+63%), pushed the Ethena price into the top gainers list on CoinMarketCap, trailing only Aerodrome Finance (AERO).
The move comes as multiple analysts flag a clean breakout from months of consolidation, with some calling for a push toward $1.50 in the short term.
Whales and Buybacks Tighten ENA Supply
Several fundamental and market-structure factors are causing the Ethena price increase today.
First, Ethena’s USDe has been integrated into Pendle Finance’s yield ecosystem on HyperEVM, enabling fixed-yield locks and looping strategies. More than $4.3B, around 60% of USDe’s supply, is now locked across Pendle and Aave, creating reflexive demand for USDe and bolstering ENA’s value through protocol fees and governance demand.
Similarly, data shows whale ENA holdings have jumped 30.19% over the last three months. In parallel, the Ethena Foundation’s $260M buyback program, partly funded through a StablecoinX deal, has removed roughly 8% of the circulating supply, reducing sell pressure and amplifying price responsiveness to demand spikes.
Researcher Aylo further noted ETH’s treasury bid remains “unstoppable” and BTC dominance has pulled back, prompting traders to rotate into high-conviction altcoins. With USDe adoption accelerating and stablecoins holding a strong institutional narrative, ENA’s fundamentals align perfectly with current capital flows.
Ethena Price Outlook: Chart Signals Point to More Upside
The technical setup is equally compelling. On the 4-hour timeframe, the Ethena ENA price had been trading within a descending channel since late July.
READ MORE: The Case for a Crypto Bull Run and Altcoin Season
As Alpha Crypto Signal noted, the August 9 breakout was textbook: price breached the upper channel line with substantial volume, confirming a bullish reversal. This move aligns with analyst Ali’s bullish flag analysis, with Fibonacci extensions indicating resistance at $0.90, $1.10, and $1.50.
On the weekly chart, ENA has surpassed key resistance at $0.70 and is trading above its 50-day SMA ($0.599) and EMA ($0.668). The upward-trending RSI shows room for further momentum before becoming overbought.
Sustained closes above $0.74 to $0.75 could push Ethena price towards $0.90 and then $1.00. If the upward trend continues, $1.50 could be a strong target, about 102.3% higher than the current price. However, if the price drops below $0.70, we may see a fall back to $0.65, and deeper declines to $0.60 could happen if trading volume goes down and market sentiment shifts to a more cautious outlook.
