- Ethena (ENA) nears $1 as TVL jumps past $10B and momentum builds.
- Golden Cross and bullish signals point to further upside.
- Buybacks, whale activity, and USDe growth drive demand.
The price of the native token of Ethena, ENA, has risen sharply over the past few days, and traders are taking note.
Moreover, the protocol’s total value locked has surged past $10 billion, which has added fresh momentum to the rally.
Ethena’s TVL surges past $10B
According to DefiLlama data, Ethena’s TVL has jumped to roughly $10.979 billion. The protocol’s revenue has also climbed sharply, with weekly USD inflows rising materially in recent weeks.
Additionally, Ethena’s synthetic dollar USDe now sits among the largest stablecoins, with an estimated market cap north of $10.2 billion.
Notably, the high APY on USDe and its cross-chain expansion have attracted both retail and institutional liquidity.
Technical analysis signals a bullish run
From a technical analysis standpoint, the charts are aligned in favour of bulls after a classic golden cross formed, with the 50-day EMA crossing above the 200-day EMA.
Additionally, momentum indicators support further gains, with the Relative Strength Index (RSI) rising and a bullish Moving Average Convergence Divergence (MACD) crossover in place.
Adding to the bullish scenario, the price action also shows higher highs and an ascending channel, which traders regard as a durable bullish structure.
However, some caution is advised, seeing that the RSI has entered the overbought region.
Token buybacks strengthen the bullish case
Moreover, Ethena’s tokenomics include a $260 million buyback fund that currently targets around $5 million in daily repurchases.
Sustained buybacks have already begun to reduce the circulating supply and to add a scarcity premium to ENA.
Additionally, planned token unlocks and a forthcoming fee switch could alter supply dynamics further, and these mechanisms may funnel more value back to holders.
Whales, volume, and institutional interest
Furthermore, on-chain analytics indicate growing whale accumulation, with large addresses holding a significant portion of the supply.
There is also an increased institutional inflow into derivatives amid heightened open interest, suggesting professional participation has increased.
Moreover, spot and futures liquidity have expanded, with recent daily volumes spiking into multi-billion dollar ranges.
Key Ethena price levels to watch
The market has established $0.75 as a key support, and traders are watching this level closely.
Meanwhile, immediate resistance sits in the $0.84–$0.87 band, and a decisive break above those levels could clear the path toward $1.00.
The upside targets that analysts cite include $1.02 and $1.18 if momentum continues, and extended rallies could reach higher levels.
However, traders should remember that a breach below $0.68 would increase the probability of a deeper correction.
Moreover, traders should monitor buyback cadence, exchange listing news, and USDe adoption metrics as primary catalysts.
Additionally, on-chain whale movements and derivatives open interest should be watched for signs of allocation shifts.
