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.

Summary

  • 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 

Ethena price
ENA price chart | Source: crypto.news

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. 

Source: https://crypto.news/ethena-price-nears-80-breakout-as-key-metrics-hit-ath/