Ethena On-Chain Metrics Soar: Can Breakout Drive Next Upside Move?

Ethena (ENA) is experiencing a 7% intraday jump and a surge in on-chain growth. The DeFi token has emerged as the second-highest fee-generating protocol, pulling in $67.94 million in fees over the past week. Its technicals are also aligning with a bullish breakout on its chart, with potential key resistance levels at $0.7738 and $0.91.

Ethena (ENA), a prominent DeFi token, has experienced a notable 7% intraday jump, accompanied by a significant surge in on-chain activity. This upward movement has been driven by several factors, including a strong performance in fee generation and bullish technical indicators.

Fee Generation and Market Position

According to market data [2], Ethena has emerged as the second-highest fee-generating protocol over the past week. The token pulled in $67.94 million in fees, trailing only Tether, which generated $149.41 million. This impressive figure underscores the growing demand and utility of Ethena within the DeFi ecosystem.

Technical Analysis and Bullish Breakout

Technical indicators are also aligning in favor of a bullish breakout for Ethena. The token's daily chart shows a symmetrical triangle formation with breakout potential above $0.68 resistance [4]. Additionally, a Cup and Handle pattern projects a target of $1.47 if a $0.84 breakout is confirmed on the daily chart. These patterns suggest a strong bullish structure, with support holding near $0.60 and trading volume exceeding $347 million.

Key Resistance Levels

Key resistance levels identified for Ethena include $0.7738 and $0.91. If the token can break through these levels, it could signal a sustained upward trend. However, traders should be cautious of potential selling pressure around the $0.65 support level.

Ethereum's Impact

The broader crypto market's performance, particularly that of Ethereum (ETH), may also influence Ethena's trajectory. Ethereum has shown signs of recovery after a significant market correction that erased $200 billion in crypto value. The asset has bounced above $4,430, with analysts suggesting potential targets of $5,100 to $5,450 [3]. Institutional buying and renewed interest in Ethereum's ecosystem, including developments in Ethereum Layer 2 solutions, could further boost Ethena's performance.

Conclusion

Ethena's 7% intraday jump, coupled with surging on-chain activity and strong fee generation, positions the token favorably for a bullish breakout. While key resistance levels and potential selling pressure from token unlocks pose risks, the overall technical and market fundamentals suggest a promising outlook for Ethena.

References

[1] https://www.ainvest.com/news/ena-breakout-potential-1-47-target-2509/
[2] https://blockchainreporter.net/tether-circle-and-ethena-break-into-top-three-blockchain-protocols-by-crypto-fees-generation-hyperliquid-pump-fun-and-others-follow/
[3] https://crypto.news/ethena-price-ena-token-unlock-stall-rally-2025/
[4] https://www.ainvest.com/news/ena-breakout-potential-1-47-target-2509/