Ethena price has surged to its highest level in more than two weeks, driven by record-breaking growth in both total value locked (TVL) and network revenues.
Summary
- Ethena price could see an 80% increase this year as its TVL continues to climb.
- TVL has reached $12.85 billion, up significantly from the year-to-date low of $5 billion.
- StablecoinX is raising funds to accumulate additional ENA tokens, supporting price momentum.
Ethena Price and Market Performance
The Ethena token recently reached $0.7660, marking an impressive gain of over 230% from its lowest level this year. This surge pushed its market capitalization above $5.8 billion, while its fully diluted valuation stands at approximately $11.1 billion.
The price rally coincides with substantial ecosystem growth.
TVL has soared to $12.85 billion, compared to the $5.5 billion low earlier this year, and reflects consistent growth since the start of 2024, when it began the year at just $79 million.
This increase in TVL is largely fueled by the USDe synthetic stablecoin, which has nearly 800,000 users and offers an annual yield of 7%—outpacing government bond returns of 4%. The network’s growth has also boosted fee generation and revenue: third-quarter fees have already reached $109 million, up from $27 million in the same period last year, and total revenue has risen to $7.65 million from $1.15 million in Q2.
StablecoinX Accumulation Supporting Price
Ethena’s recent gains have also been supported by StablecoinX, which is raising $530 million to acquire more ENA tokens. The platform has already raised $895 million in funding, enabling it to add over 3 billion ENA tokens to its holdings.
Whales have actively accumulated tokens during this period, now holding 57 million ENA—an increase of over 32% in the past 30 days. This growing demand is a strong factor in the token’s price momentum.
Technical Analysis of ENA
From a technical perspective, daily charts suggest strong bullish potential for ENA in the coming weeks. The token has formed a double-bottom pattern at $0.2490, with a neckline at $0.4570. In July, a golden cross occurred when the 50-day moving average crossed above the 100-day moving average, signaling further upward momentum.
Most recently, ENA formed a bullish flag pattern and broke above the upper channel, indicating a likely breakout. The initial target following this breakout is $0.8595, the top of the flag. Surpassing this level could push ENA toward the $1.3255 resistance, its highest price since November last year—representing an approximate 80% increase from the current level.
