Overview

• ENA is holding near the $0.75 support zone after rallying roughly 260% since early July, with breakouts pushing prices as high as $0.85.
• Ethena’s total value locked has climbed above $10 billion driven by USDe’s expansion to 23 blockchains and its status as the world’s third-largest stablecoin.
• A $260 million buyback fund is repurchasing about $5 million of ENA daily to reduce circulating supply while large holders now control nearly 30% of tokens.
• A golden cross crossover, RSI near 74 and a bullish MACD confirm sustained upward momentum with near-term targets in the $0.96 to $1.18 range.
• Analysts caution that $29.8 million in recent exchange inflows, upcoming token unlocks and rehypothecation exposure on platforms like Aave could trigger sharp volatility.