ENA surges 65% on FalconX $1B USDe lending deal, Hayes hype

Ethena (ENA) extended its rally, gaining about 65% in seven days and trading around $0.142–$0.145 after opening near $0.116 and rising from an Aug. 18 low around $0.082. The latest push is linked to a $1 billion lending warehouse facility with FalconX, designed to expand overcollateralized loans backed by Ethena’s USDe synthetic dollar support. FalconX would originate and service the loans and manage collateral via qualified custodians, while Ethena holds a first-priority security interest. The $1 billion figure is reported as total facility capacity, not immediately deployed capital. Separately, Arthur Hayes amplified demand on social media, calling an “$ENA 5 bagger” “too easy,” and has previously argued that stronger USD liquidity could boost BTC and derivatives basis yields as well as USDe-related flows. Earlier on-chain reporting also connected Hayes to buying roughly 22.64 million ENA. For traders, the breakout above $0.1343 is intact, but short-term risk is rising. ENA’s 4-hour RSI is extremely overbought (~93.97). If ENA can reclaim $0.1465, the next upside targets cited are $0.1587 and $0.1709. If $0.1465 rejects, the article flags a pullback risk toward $0.1343, then supports around $0.1221 and the $0.1099 area. CoinGlass leverage clusters below current price could amplify volatility on any dip.