- Ethena’s TVL surged past $11B as whales heavily accumulated tokens.
- Protocol revenues crossed $500M, with $13.4M earned just last week.
- ENA holds $0.65 support, aiming for $0.85 and $1 resistance.
Ethena (ENA) is holding near a critical $0.65 support zone. According to experts, if this support holds, ENA could quickly bounce toward $1, an important resistance level. A breakout above that zone might even set the stage for a sharp rally into the $2–$5 range in the longer term.
Surging Demand and Investor Confidence
Ethena’s ecosystem has been expanding lately. Its total value locked (TVL) now sits above $11 billion, up more than 50% in just one month. At the same time, whales appear to be backing the project in a big way.
Analyst Ali Martinez reported that over 1 billion ENA tokens were scooped up by large investors, while 140 million ENA were withdrawn from exchanges in just the past four days, a strong sign that many holders are looking long term.
The protocol’s revenues are also growing fast. Ethena recently announced that it has crossed $500 million in cumulative gross interest revenue, with $13.4 million earned in the last week alone. USDe supply has hit an all-time high of $11.7 billion, while the yield-bearing sUSDe product continues to offer attractive returns with an APY near 9%.
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What’s Next For ENA?
Ethena has had a strong run lately, but now the token is sitting at an important support level. If it holds here, a quick bounce could push ENA toward $0.85, which has been an important resistance zone in recent weeks. However, if the price slips lower, traders are eyeing the 61.8% Fibonacci retracement level, which is often seen as a strong value zone for accumulation.
There is also an interesting setup on the ENA/BTC chart. The earlier bearish divergence seems to have fully played out, and the pair might now be forming a hidden bullish divergence. This happens when the price makes a higher low but the RSI makes a lower low, often signaling a reset before another move up.
ENA has a high fully diluted valuation (FDV) and many tokens are still locked but scheduled to be released over time. These unlocks could add selling pressure in the future.
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