Ethena’s ENA surges 21% on StablecoinX’s $260M buyback program, eyes $1.00 as USDe hits $7B

Generated by AI AgentCoin World
Saturday, Jul 26, 2025 4:01 am ET1min read
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Aime RobotAime Summary

- Ethena’s ENA token surged 21% in a day, driven by StablecoinX’s $260M buyback program and USDe’s $7B supply growth.

- Record 3,438 active addresses and 40x yield incentives in sENA’s Season 3 highlight renewed demand and tighter token supply.

- Technical analysis shows ENA breaking above $0.54 resistance, with $0.85–$1.00 targets aligned to Fibonacci levels despite overbought RSI (75.96).

- Whale accumulation and institutional USDe adoption fuel bullish momentum, though $0.63 resistance and regulatory risks remain key hurdles.

Ethena’s token,

ENA
, surged nearly 21% in a single day, marking a 50% increase over the past week, driven by StablecoinX’s $260 million buyback program. The initiative involves daily purchases of $5 million in ENA tokens, signaling a significant liquidity injection into the market [1]. Concurrently, Ethena’s institutional-grade stablecoin,
USDe
, has expanded its supply to over $7 billion, attracting further attention from large investors [1]. On-chain metrics reveal a record high of 3,438 active addresses in 24 hours, the highest in ENA’s history, suggesting renewed ecosystem engagement [1]. This surge coincides with the launch of sENA’s Season 3 rewards, offering 40x yield incentives—a 100% increase over USDe’s 20x—potentially tightening ENA’s market supply and supporting its price trajectory [1].

Technical analysis highlights a critical breakout above the $0.54 resistance level, now acting as support, with ENA trading at $0.5960 as of the latest data. Analysts project a potential climb to $0.85–$1.00 within weeks, aligning with key Fibonacci extension levels [1]. The token’s upper Bollinger Band breakout and a 102% jump in daily trading volume to $2.17 billion further underscore bullish momentum, though the RSI at 75.96 indicates overbought conditions [1].

StablecoinX’s buyback strategy and structural demand from whale accumulation have been cited as primary drivers of ENA’s recent rally [1]. While the $0.63 resistance level remains a short-term target, sustained volume and institutional participation could validate the $1.00 price forecast. However, traders are cautioned about overbought signals, with the RSI suggesting a possible consolidation phase.

The market’s focus now turns to whether ENA can maintain its upward trajectory amid heightened volatility. Institutional adoption of USDe and ongoing buybacks may provide tailwinds, but broader market conditions and regulatory developments will remain critical factors.

Source: [1] [Ethena Price Rockets 20%, Can ENA Hit $1 Amid StablecoinX’s Buyback?](https://coinpedia.org/price-analysis/ethena-price-rockets-20-can-ena-hit-1-amid-stablecoinxs-buyback/)