Ethena ENA Nears $1 as TVL Tops $10.9B on Golden Cross
Ethena ENA has rallied to near $1 as the protocol’s Total Value Locked (TVL) surged past $10.9 billion. The synthetic stablecoin USDe now commands over $10.2 billion in market cap, driven by high APYs and cross-chain expansion. Weekly USD inflows reached $1.33 billion, drawing significant retail and institutional liquidity.
Technical indicators are bullish for ENA. A golden cross formed as the 50-day EMA crossed above the 200-day EMA. The RSI is rising and the MACD shows a bullish crossover, though overbought signals warrant caution.
Ethena’s $260 million buyback program repurchases about $5 million in ENA daily, reducing circulating supply. Whale accumulation and rising derivatives open interest point to growing professional participation, while spot and futures volumes have surged into multi-billion-dollar ranges.
Key support levels stand at $0.75 and $0.68, with immediate resistance between $0.84 and $0.87. A decisive break above $0.87 could target $1.02 and $1.18. Traders should watch buyback cadence, USDe adoption and upcoming token unlocks for further catalysts.
Bullish
The news combines a TVL surge past $10.9B with bullish technical indicators—most notably a golden cross and rising RSI and MACD—signaling strong upward momentum for ENA. The $260 million buyback program reduces circulating supply, while whale accumulation and growing derivatives open interest demonstrate professional confidence. Robust USDe adoption and multi-billion-dollar spot and futures volumes further reinforce positive sentiment. Short-term catalysts include a break above $0.87 and buyback cadence, while long-term growth is supported by ongoing USDe expansion and ecosystem integrations. Overall, these factors point to a bullish outlook for ENA’s price.