Ethena (ENA) Surges 40% Weekly on Strong Demand and DeFi Integration

Ethena (ENA) has gained notable traction in the second half of July, with its price rising steadily and forming higher lows on the chart. By mid-July, the token had broken into the $0.60–$0.70 range and built a solid base. A brief pullback in early August brought the price to the low $0.60s, but it was quickly bought back, highlighting strong underlying demand. This week, the price surged to around $0.85, a new local high and a 40% weekly gain from the $0.60 level [1].

Technical indicators suggest a favorable setup for further gains. Key support levels to monitor are around $0.72–$0.75 and $0.62–$0.65, while resistance remains at $0.85 and the psychological $1.00 level. A confirmed move above $1.00 could attract more momentum traders and potentially extend the trend. The open interest (OI) has also been on an upward trajectory, reaching approximately $565M on the latest 4-hour candle, indicating fresh positioning rather than short covering [1].

Market internals also show a net short position of roughly 1.47B versus a net long of -1.10B, implying that short sellers still dominate the short-term sentiment. This imbalance increases the likelihood of short squeezes as the price continues to print new highs. If ENA holds above $0.80 and breaks through $0.85 with conviction, late shorts may face liquidation risks [1].

Looking ahead, there are four potential price scenarios for the remainder of August. The most likely base case (40%) projects a move toward $0.95–$1.10, contingent on continued strength above $0.85 and rising volume and OI. A range-bound scenario (30%) anticipates a consolidation between $0.72 and $0.90. A bearish case (10%) suggests a retest of the $0.62–$0.70 support. The stretch case (20%) envisions a move toward $1.50—though this would require a decisive reclaim above $1.00, a surge in spot volume, and a supportive broader market [1].

The bullish momentum has been further reinforced by Ethena’s integration with Pendle Finance, which contributed to a 25% price increase within 72 hours. This partnership underscores the growing adoption of Ethena’s USDe stablecoin and its increasing role in decentralized finance (DeFi) ecosystems [3]. Analysts suggest that such strategic integrations are likely to provide long-term support to the asset [2].

While the $1.50 price target by August is still speculative, it is no longer dismissed as an impossible outcome. The token’s ability to maintain its current trajectory, along with a favorable market environment, could make this goal more realistic than previously thought. However, traders are advised to remain cautious and manage risk around key levels such as $0.75 and $0.70 [1].

Source: [1] Ethena Price to $1.50 in August? Could Be More Realistic ... https://coinmarketcap.com/community/articles/6899b20cc4a7cb3a2ce85920/

[2] Ethena (ENA) Price Set for Next 2x Rally: Here's the Outlook https://captainaltcoin.com/ethena-ena-set-for-the-next-2x-rally-heres-the-outlook/

[3] Ethena (ENA) Surges 25% After New Pendle Finance ... https://cryptorank.io/news/feed/f50da-ethena-pendle-finance-integration-ena-price-surge