Ethena’s ENA token is finally showing signs of life after a rough November, climbing back toward the $0.247 zone on Monday as a wave of ecosystem announcements and a rare technical signal injected some optimism back into the market.
ENA Ecosystem Catalysts Are Doing Some Heavy Lifting
Sentiment improved over the weekend after Ethena Labs revealed a new strategic push deeper into the Hyperliquid ecosystem. The partnership with Nunchi, a HIP-3 deployer building perpetuals tied to yield markets, immediately added a fresh narrative layer that ENA desperately needed.
Nunchi’s markets will launch with USDe as the quote asset, meaning trading activity directly reinforces demand for Ethena’s synthetic dollar. A slice of Nunchi’s revenue will also flow back to the Ethena ecosystem, with the possibility of a future Nunchi airdrop for ENA supporters.
Meanwhile, Anchorage Digital reiterated its work with Ethena Labs on USDTb, the first federally regulated stablecoin in the U.S., giving the project regulatory credibility that most stablecoin issuers can’t claim.
The broader revenue picture is equally striking. Token Terminal data shows Ethena ranked #3 among stablecoin issuers, generating $599.3 million in all-time revenue, trailing only Tether and Circle. For a token that’s fallen 62% in a year, the fundamentals look nothing like the price chart.
Ethena Price Attempts a Weak Recovery
ENA bounced roughly 4% in 24 hours, recovering from last week’s sub-$0.24 flush. CoinMarketCap data shows the Ethena crypto market cap holding around $1.83B, with a surprisingly strong 24-hour volume spike of 24%.
That uptick matters because ENA’s trading activity had been fading all month, down more than 48% over 30 days and nearly 73% year-to-date.
TradingView paints a mixed picture. The 1-day technicals are still flashing a “Sell” rating, 13 MA sell signals versus just one buy, but momentum is shifting. RSI sits at 32, hovering near oversold territory, and the MACD fast line just flipped to a small buy. It’s weak, but it’s a movement.
Moreover, analyst Ali flagged a TD Sequential buy signal, one of the few green shoots in Ethena’s price in weeks. Data also shows a sudden spike in ENA transfers, as Glassnode reports a record 73,274 daily transfers. This shows the token is quietly heating up under the surface.
While a clean reversal isn’t confirmed yet, the ingredients for a short-term bounce are in place. Oversold oscillators, record on-chain activity, fresh ecosystem integrations, and deep liquidity via Hyperliquid all give ENA room to attempt a recovery toward $0.27–$0.29. A breakdown below $0.236, however, unwinds the setup fast.
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