Ethena (ENA) has experienced notable growth in the cryptocurrency market, recording a 150% increase over the past 30 days and rising by 40% during the previous week.
The explosive growth coincides with the protocol’s Total Value Locked (TVL) surpassing $10 billion for the first time, driven by surging adoption of its synthetic dollar, USDe, which recently became the world’s third-largest stablecoin by market cap.
Daily $5 million ENA buybacks are tightening supply, while whale addresses holding 100k–1M ENA have grown 12% in July, now controlling nearly 30% of circulating tokens.
Ethena (ENA)’s Golden Cross Signals Strong Bullish Momentum
Technically, ENA’s breakout has been supported by a golden cross, the 50-day Exponential Moving Average crossing above the 200-day EMA, a classic bullish indicator.
The token’s RSI is near 74, suggesting strong momentum without extreme overbought conditions, while the MACD has confirmed a bullish crossover.
On August 10, ENA surged 14.7% from $0.64 to $0.81, breaking a bullish flag pattern and pushing toward today’s high near $0.85.
Immediate resistance sits at $0.8741 and the psychological $1.00 level. A decisive break above $1 could trigger a run toward $1.25 and potentially $1.50, according to analysts.
However, $29.8M in ENA moved to exchanges between August 9–10, which could spark short-term volatility. Key downside supports lie at $0.70, $0.56, and $0.47.
ENA's price trends to the upside on the daily chart. Source: ENAUSD on Tradingview
Ecosystem Growth and Whale Activity Boost Outlook
The USDe stablecoin is now supported across 23 blockchains via LayerZero, processing over $743M in cross-chain volume last week alone.
Ethena’s expanding ecosystem, combined with strong derivatives market activity, futures volume surged 41.84% to $4.35B, points to sustained market interest.
Whale accumulation has been particularly notable, with large holders increasing their stakes by over 30% in the past week. Analysts say these moves, along with the pending activation of Ethena’s “fee switch” to reward ENA holders, could significantly enhance token value.
Provided that bullish momentum continues, Ethena’s robust technical performance, notable on-chain expansion, and increasing institutional engagement collectively position it as one of the top DeFi tokens.
Cover image from Unsplash, ENAUSD chart from Tradingview
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