Ethena Price Surges to Two-Week High

Ethena price rose to its highest point in over two weeks as its total value locked (TVL) and revenues jumped to a record high. This significant increase has led to a substantial rise in the token’s market cap and fully diluted valuation.

Record High TVL and Revenues

The Ethena token jumped to $0.7660, up by over 230% from its lowest point this year. This recovery pushed its market cap to over $5.8 billion and its fully diluted valuation to $11.1 billion. The total value locked (TVL) has soared to a record high of $12.85 billion, much higher than the year-to-date low of $5.5 billion.

Ecosystem Growth

Ethena price has jumped amid the ongoing ecosystem growth. Its TVL has been on an upward trajectory since 2024, when it started the year at $79 million. The growth can be attributed to its USDe synthetic stablecoin, which is held by almost 800k users and has an annual return of 7%, higher than the government bond yield of 4%.

Fees and Revenue

This growth has led to more fees and revenue in the network. Its fees in the third quarter so far are $109 million, higher than the $27 million it made in the same quarter last year. Its revenue so far is $7.65 million, up from $1.15 million in Q2. The increase in fees and revenue is a testament to the growing adoption of the Ethena ecosystem.

Accumulation by StablecoinX

ENA price has also jumped amid the ongoing accumulation by StablecoinX, which is raising $530 million. It has already raised $895 million in financing, which will see it add over 3 billion tokens to its balance sheet. These acquisitions will boost ENA’s demand at a time when whales have continued to accumulate it.

Whale Accumulation

Whales now hold 57 million ENA tokens, up by over 32% in the last 30 days. This significant accumulation by whales is a bullish sign for the token, indicating a potential increase in demand. As the demand for ENA tokens continues to rise, the price is likely to follow suit.

Technical Analysis

The daily timeframe shows that the ENA price has strong technicals that may push it much higher in the coming weeks. It has formed a double bottom pattern at $0.2490 and a neckline at $0.4570. The coin formed a golden cross pattern in July as the 50-day and 100-day moving averages crossed each other. Most recently, it has formed a bullish flag pattern and has moved above the upper side of its channel.

Bullish Breakout

Therefore, the token will likely have a strong bullish breakout, with the initial target being at $0.8595, the upper side of the flag. A move above that price will push it to the resistance point at $1.3255, its highest point in November last year, which is about 80% above the current level. As the technical indicators suggest a bullish trend, investors can expect a significant increase in the price of ENA tokens in the coming weeks.