Ethena USDe Rise to #3 for Ethereum, ENA Gain 15%
Ethena synthetic stablecoin USDe don surge enter top three for Ethereum market supply, na only dey behind USDT and USDC. For the past month, USDe supply jump 75%, show say DeFi adoption strong. Dis on-chain growth carry ENA price up 15%, e don recover $0.61 level and e dey test resistance at $0.622. But almost 250 million ENA tokens move go exchanges for the last two weeks, fit bring selling pressure. For daily chart, ENA dey trade above im 20-day SMA, support dey for $0.56 and critical resistance for $0.622. If breakout successful, e fit target $0.70 and extend reach $0.84–$0.98, but if e fail, e fit make am consolidate near $0.56 or drop below $0.50. For traders, the main things wey dem dey watch na USDe market share dey grow and exchange wallet activity, wey go determine if ENA rally go continue or e go fall back.
Bullish
USDe sharp 75% supply increase and e rise to the third-biggest stablecoin for Ethereum show say demand strong for Ethena synthetic dollar. This kain increase don make ENA price jump 15%, e show say momentum dey positive. Historical examples like how DAI supply growth boost MKR value mean say as stablecoin usage grow, e fit make native token value rise. Even though transfer of 250 million ENA to exchanges fit cause short-term wahala and maybe selling pressure, overall trend still dey good. If ENA fit hold above key support for $0.56 and break resistance at $0.622, technical charts show more gains fit happen. So, this news good for traders wey dey eye DeFi growth and price breakout.