Ethena price nears 80% breakout as key metrics hit ATH
Ethena price rose to its highest point in over two weeks as its total value locked (TVL) and revenues jumped to a record high.
- Ethena price could jump by 80% this year as its total value locked soars.
- It has jumped to over $12.8 billion, up from the year-to-date low of $5 billion.
- StablecoinX is raising more money to accumulate more ENA tokens.
Ethena (ENA) 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.
Ethena price has jumped amid the ongoing ecosystem growth, with the total value locked soaring to a record high of $12.85 billion, much higher than the year-to-date low of $5.5 billion. Its TVL has been on an upward trajectory since 2024, when it started the year at $79 million.
The TVL is driven by its USDe synthetic stablecoin that is held by almost 800k users and has an annual return of 7%, higher than the government bond yield of 4%.
This growth has led to more fees and revenue in the network. Its fees in the third quarter so far is $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.
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. They now hold 57 million ENA tokens, up by over 32% in the last 30 days.
Ethena price 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.
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.
