The ENA token from Ethena has seen a significant price increase, up 5.5% in a single day and 70% over the last three months. This rally is supported by strong technical indicators and a new strategic direction for the protocol.
A key factor driving investor confidence is Ethena's new USDtb stablecoin, which is backed 90% by BlackRock’s BUIDL fund. The new stablecoin is designed to act as collateral for Ethena's primary stablecoin, USDe, which is a delta-neutral stablecoin. This move not only expands ENA's utility but also positions it as a token with both strong fundamentals and momentum.
Analysis of on-chain data shows that large investors, or whales, have been actively accumulating ENA tokens. Over the past week, the top 100 addresses increased their holdings by 30.19%, despite the price increase. While some public figures have sold off their positions, their holdings are too small to significantly impact the market.
From a technical perspective, ENA is trading within an ascending channel and is nearing a key resistance level of $0.65. A break above this could lead to a rally towards $0.70 in the short term, with a potential target of $1.13 if a larger breakout occurs. The On-Balance Volume (OBV) indicator also supports this bullish view. The OBV has been rising even as the price has shown some consolidation, indicating that buying pressure from large investors is building beneath the surface.
While the outlook is positive, a drop below the critical support level of $0.60 would invalidate the bullish thesis.
August 2025, Cryptoniteuae