Ethena’s token, ENA, rose over 20% today, reaching a high of $0.1194 before settling at around $0.1095 as the excitement faded. Trading volume increased by 130.88% to $186.56 million, which is a notable change for a token that had been stuck in a downtrend for months.
The immediate catalyst on the chart side is a completed falling wedge breakout on the 4-hour timeframe, while the fundamental backdrop has strengthened materially: Ethena’s USDe stablecoin outside Ethereum has grown from $120 million in May 2025 to $1.15 billion, a 10x expansion in nine months.
Ethena’s USDe is a “synthetic dollar” designed to maintain its value without relying on traditional banks. Unlike USDT/USDC, which hold fiat cash, USDe is backed by crypto collateral, paired with and protected by automated “delta-neutral” hedging positions on crypto exchanges.
Moreover, the white-label supply move is the sharper fundamental story. jupUSD, USDm, and suiUSDe collectively reached $131 million from zero in roughly six weeks, and jupUSD alone nearly doubled overnight to $74 million, driving the bulk of that jump. That stablecoins minting pace reflects genuine demand for Ethena’s infrastructure at the protocol level.
ENA Price Breaks Falling Wedge as Analyst Eyes 40 to 50% Rally
Crypto analyst ZAYK Charts flagged the technical development this morning, noting that the falling wedge on the 4-hour ENA/USDT chart has broken out, with the analyst projecting a 40-50% bullish wave from current levels.
That target would put the price in the $0.155-$0.167 range if measured from the breakout zone. The pattern had been compressing prices since late 2025, and the breakout aligns with today’s volume expansion, 130% above recent averages, which gives the move more weight than a low-volume drift above trendline resistance.
On the daily chart, the SMA(9) sits at $0.1070, and the Ethena coin price is trading above it at $0.1118, a shift that follows months of ENA trading below that average. RSI(7) is at 51.08 with the signal line at 35.67. The gap is widening in favor of upside momentum in the near term, following the RSI bottoming in the low 20s earlier in February.
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