Ethena’s total value locked has surged by an impressive 50% in the past month, with ENA posting significant price gains.
Summary
- Ethena’s TVL rose 50% in July, reaching $8.44B, with strong USD inflows.
- ENA price surged 134% in a month, boosted by whale activity and key developments.
- Technical indicators show a bullish uptrend, with support at $0.60 and resistance at $0.70–$0.75.
According to DeFiLlama data, Ethena’s (ENA) TVL was $8.44 billion at the end of July. Compared to $5.46 billion at the start of the month, this represents a significant increase, suggesting that the platform is growing and gaining traction.
The platform’s fees have increased alongside the increase in TVL, rising from $19.96 million in June to $36.05 million in July. USD inflows have seen an even more significant surge, jumping from $47 million in June to $2.96 billion in July, reflecting a solid influx of capital into the platform.
Whale activity and rising ENA metrics
Whales have been especially active, according to a July 31 post on X by analyst Ali Martinez. Over the past week, 79.25 million ENA tokens have been accumulated. In line with this spike in whale activity, ENA’s volume increased significantly, from $6 billion in June to $27 billion in July.
This whale involvement shows a strong confidence in Ethena’s prospects. ENA’s price is up 6% in the last day, 31% in the last week, and an incredible 134% in the last month,
Ethena’s July updates spur growth
Ethena’s increasing momentum can be attributed to several key developments. On July 11, ENA was listed on Upbit, the largest cryptocurrency exchange in South Korea, significantly increasing its exposure and liquidity.
Then, on July 21, StablecoinX raised $360 million to purchase ENA tokens, with $260 million dedicated to a buyback program. The token’s value is expected to rise further as a result of the demand shock caused by this buyback program.
Additionally, on July 24, Ethena and Anchorage Digital partnered to make USDtb, their synthetic dollar, one of the first stablecoins to comply with the U.S. GENIUS Act. This is a significant regulatory milestone that may increase market adoption.
Ethena technical analysis
From a technical perspective, ENA is showing a strong upward trend, currently trading near $0.62 after testing resistance levels. The price is moving in the direction of the upper band, which indicates that there is still bullish momentum.
With a relative strength index of 68.92, the market is in neutral but on the verge of overbought conditions. A possible slowdown in the rally may occur if the RSI reaches 70 or above.
ENA’s price is also above its exponential moving averages across multiple timeframes. The 10-day EMA is at $0.573 while the 50-day EMA is at $0.414, indicating that the price is in an overall uptrend. This supports the bullish outlook.
A breakout above the $0.70–$0.75 range would suggest continued strength and could drive the price up to $0.80 or higher. A drop below $0.60, however, could signal a correction, particularly if it is accompanied by a declining RSI. The first important support level below $0.60 is the 50-day EMA, which is currently at $0.50.
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