Ethena (ENA) Price Prediction: ENA Eyes $1 Milestone as $10B TVL and Golden Cross Fuel Bullish Momentum

Ethena’s Total Value Locked (TVL) recently surged past the $10 billion mark—a clear signal of intensifying liquidity in the protocol.

According to DefiLlama data, the figure stands at around $10.98 billion. Meanwhile, the synthetic dollar USDe boasts a market capitalization just north of $10.2 billion.

This growth stems from USDe’s high APY and rapid multi-chain expansion. The stablecoin has become one of the largest globally, drawing both retail and institutional attention.

Technical Analysis: Golden Cross and Momentum Building

From a technical standpoint, Ethena has triggered a notable golden cross, where the 50-day EMA has overtaken the 200-day EMA—often viewed as a powerful bullish signal. Supporting this pattern, the Relative Strength Index (RSI) hovers near 74, indicating robust but not yet extreme buying activity, and the MACD has produced a bullish crossover.

ENA rebounded strongly from the $0.50 support, gaining over 50%, and remains bullish within a rising broadening wedge, with focus on long setups at key retest levels. Source: AltCryptoTalk via X

Recent price action also underlines the upward bias. On August 10, ENA surged 14.7%, rising from approximately $0.64 to $0.81 and breaking out of a bullish flag formation. The rally extended toward $0.85.

Supply Dynamics: Buybacks and Whale Activity Tighten Float

On the supply side, Ethena has initiated daily buybacks in line with its tokenomics—about $5 million worth of ENA gets repurchased each day from a $260 million fund. This has started to reduce the circulating supply and likely adds a scarcity premium to the token.

Ethena holds above $0.75 for three days, eyeing a potential breakout to $1. Source: @CryptoJobs3 via X

At the same time, whale and institutional wallets continue accumulating ENA. Addresses holding between 100,000 and 1 million ENA increased by roughly 12% in July and now account for nearly 30% of the circulating supply. Data suggests that these holdings may now approach 50%, reinforcing the sense of long-term confidence from major holders.

Price Levels to Watch

Traders are closely eyeing key technical levels:

• Support: Around $0.70, with deeper support floors at $0.56 and $0.47.

• Resistance: Between $0.84 and $0.87, with a psychological target at $1.00. A confirmed break above $1.00 could pave the way toward $1.25 and possibly $1.50.

That said, recent transfers of $29.8 million worth of ENA to exchanges between August 9 and 10 may signal profit-taking ahead, introducing short-term volatility risks.

Ecosystem Expansion and USDe Traction

Ethena’s ecosystem is broadening. Its synthetic dollar, USDe, now spans 23 different blockchains via LayerZero integration. In the past week alone, cross-chain volume exceeded $743 million.

Ethena was trading at around $0.81, up 0.79% in the last 24 hours at press time. Source: Brave New Coin

Additionally, futures trading volume for ENA climbed by nearly 42%, hitting $4.35 billion, demonstrating elevated trader and institutional engagement.

Catalysts Ahead: Fee Switch and Exchange Listings

Looking ahead, Ethena’s upcoming fee switch—which will redirect some protocol fees to ENA holders—could enhance the token’s appeal and potentially boost its value proposition.

Other potential catalysts include deeper integrations and exchange listing expansions, which would increase accessibility and liquidity. Ethena’s strong TVL performance makes it a standout among DeFi protocols, joining platforms like Aave in the >$10B club.

Final Thoughts

Ethena’s blend of strong fundamentals, technical alignment, and ecosystem advancement positions it as a compelling DeFi token. With TVL soaring, buybacks tightening supply, whales accumulating, and bullish indicators in place, the Ethena price prediction scenario suggests ENA could test—and possibly breach—the $1 threshold soon.

However, traders should monitor key support and resistance zones, watch whale movements and exchange flows, and remain alert to upcoming catalysts like the fee switch and new listing news.