ENA Surges 18.44% as USDe TVL Nears $10 Billion

ENA’s price surged to $0.70 amid a rapid increase in USDe total value locked (TVL), which has grown by $3.1 billion in under 20 days and is now approaching $10 billion, signaling robust adoption in the decentralized finance (DeFi) ecosystem [1]. This surge, coupled with strong on-chain signals and whale accumulation, has intensified the bullish outlook for the token.

Technical indicators point toward further upside potential for ENA. On the 4-hour chart, a breakout from a bullish flag pattern has driven the price from $0.25 in July to $0.7277 at the time of reporting. This marks an 18.44% gain in 24 hours and a 34.31% increase in a week. Fibonacci extensions suggest key resistance levels at $0.8741, $1.0207, $1.2487, and $1.4742 [1]. The immediate support zone lies between $0.5794 and $0.5110, with potential continuation buy opportunities if the price retraces to $0.6008–$0.5843.

The weekly chart reveals further strength. A double bottom at $0.2088 and a rounded bottom pattern confirm significant accumulation. The price is currently testing the $0.7092 resistance level for the second time in 2025, having broken above both the 50-day and 100-day moving averages. The relative strength index (RSI) has climbed above 60, a threshold historically associated with extended bullish trends. A weekly close above $0.7092 could potentially open the path to $1.2549, last seen in December 2024 [1].

Strong on-chain activity and whale behavior are adding to the momentum. Whale holdings of ENA have increased by more than 30% over 90 days, indicating growing institutional or large investor confidence. Additionally, Ethena DAT has been purchasing $5 million worth of ENA daily, creating a supply-demand imbalance that favors upward price movement [1]. USDe’s rapid growth, driven by major integrations like AAVE, has further amplified demand for ENA.

The broader market environment also supports altcoin strength. Bitcoin dominance has declined, historically leading to increased risk-taking in alternative cryptocurrencies. This, combined with Ethereum’s strong treasury bid, creates a favorable backdrop for ENA’s continued ascent. Analysts on platforms like X, including Aylo, are highlighting the potential for ENA to reach new highs if key resistance levels are decisively broken [1].

Source: [1] ENA Hits $0.70 Amid $10B USDe TVL Surge—Can Bulls Push to $1.50 Next? (https://cryptofrontnews.com/ena-hits-0-70-amid-10b-usde-tvl-surge-can-bull/)