Ethena’s governance token ENA rallied nearly 19% in the past 24 hours to $0.7677 after flashing multiple buy signals across trader dashboards. The surge in Ethena price comes amid record volumes, strategic token buybacks, and growing adoption of its decentralized stablecoin, USDe, fueling what many in the market see as a textbook bullish setup.
Exploding Volume Push ENA Higher
On Saturday, Ethena crypto spiked from an intraday low of $0.626 to as high as $0.767, marking a 22% rebound in less than 12 hours. According to CoinMarketCap, trading volumes soared 285% to $1.63 billion, placing ENA among the top daily gainers alongside Lido DAO and Arbitrum.
Trader Ali highlighted the early signals, noting, “We caught Ethena $ENA yesterday as many buy signals flashed. Today, it’s paying off BIG TIME.” Meanwhile, Crypto Bully pointed to ENA’s break above the EMA 20/50 as a bullish confirmation, setting a near-term target at $0.85, provided support at $0.65–$0.68 holds.
This technical momentum coincides with Ethena Foundation’s ongoing $260M buyback program, of which $150M has already been executed since July 21.
That’s roughly 3.48% of circulating supply permanently removed, creating equity-style scarcity effects similar to Hyperliquid’s $HYPE. With roughly $5M in daily buybacks, ENA enjoys a consistent bid floor against sell pressure, reinforcing trader confidence.
USDe Growth Pushes Ethena Into Stablecoin Big Leagues
Beyond price action, the fundamentals behind the ENA price surge lie in Ethena’s rapidly expanding stablecoin ecosystem. USDe supply has now doubled to $11.6 billion, making it the third-largest stablecoin by market cap.
The project recently scored a major win with Coinbase Prime, enabling institutional investors to directly custody USDe, further legitimizing it as a decentralized alternative to centralized stablecoins.
Regulatory tailwinds are also playing a role. The GENIUS Act, signed into law in July, banned yield-bearing stablecoins from U.S. issuers but exempted decentralized models like USDe.
This has accelerated capital rotation away from PayPal’s PYUSD and similar offerings into Ethena’s ecosystem. On-chain data shows total value locked (TVL) across Ethena has surged past $12 billion, with annualized fees crossing $1.14 billion, signs of real revenue generation.
The Ethena Risk Committee announced that BNB is now an eligible asset to support USDe. This is the first time they have expanded beyond ETH, BTC, and SOL. They mentioned that XRP, HYPE, and BNB meet all the necessary criteria to be considered for onboarding.
However, they rejected SUI and ADA because they did not meet key requirements for liquidity and open interest, even though these assets showed decent correlation and volatility.
READ MORE: Zcash Price Jumps Past $42 as Analysts Target $308
Ethena Price Forecast: Bulls Eye $0.85 With $0.65 as Invalidation
Ethena coin (ENA) structure has flipped bullish as the token reclaimed its weekly open near $0.70, broke through resistance, and is now consolidating above $0.76.
Analysts emphasize that any retest of the $0.65–$0.68 zone will likely attract heavy bids. As analyst Crypto Bully framed it, invalidation only comes with sustained acceptance below that green support block.
Momentum indicators also favor bulls. Daily and 12-hour charts show strengthening RSI without overbought conditions, while the sharp increase in volume suggests institutional and retail flows are driving the move.
On-chain yield metrics also back this up, as protocol APY on sUSDe remains above 8%, and 90% of funding days in August were positive. This shows strong demand for leverage tied to Ethena’s ecosystem.
If the foundation completes the remaining $110M buyback before August’s end and extends the program, Ethena crypto price could sustain momentum toward $0.85–$0.90.
On the flip side, any abrupt slowdown in USDe adoption or failure to defend $0.65 support could trigger a retracement toward $0.60.
