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9h ago

Ethena's Rally Holds at $0.75 Support with $1.18 Breakout in Sight

Ethena's surge is backed by on-chain adoption reflected in a $10 billion TVL with looming token unlocks threatening its bullish momentum.

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Overview

  • ENA has climbed about 150% over the past month and has held above $0.75 support after a recent pullback.
  • Total value locked has surpassed $10 billion and USDe is the third-largest stablecoin with deployments on 23 chains and $743 million in weekly cross-chain volume.
  • Technical indicators including a golden cross, RSI near 74 and a MACD crossover point to sustained bullish momentum.
  • Whales have boosted holdings to nearly 30% of circulating ENA and daily $5 million buybacks are further tightening supply.
  • More than $29 million of ENA has moved to exchanges and an early-August token unlock introduces volatility risks against resistance levels at $0.96 and $1.18.