- Soaring transactions and active addresses signal growing demand.
- Accumulation by Whales hints at massive price moves on the horizon.
- ENA eyes significant rallies to the resistance at $1.20.
Cryptocurrencies trade in the green on Friday, fueled by optimism of rate cuts after the latest inflation statistics.
The market cap has reclaimed the $4 trillion mark as large-cap altcoins like Solana steal the show with steady gains.
Meanwhile, this article evaluates the Ethena ecosystem, which has remained on the community’s radar lately due to its thriving USDe synthetic stablecoin.
While Ethena’s native token lags amid broader rallies, fundamentals and technical indicators suggest a massive rally on the horizon.
ENA trades at $0.7722 after a 0.67% dip in the past day, but rising active addresses, whale activity, and transaction volume position the token for impressive rebounds.
Bulls will target the crucial resistance at $1.20, which would mean an approximately 54% surge from ENA’s market price.
Let’s analyze supporting factors.
On-chain data paints a bullish picture for ENA
Crypto analyst and trader Ali Martinez has highlighted Ethena’s flourishing ecosystem, with active addresses, transaction volume, and whale activity on uptrends.
Ethena $ENA active addresses, transaction volume, and whale activity all rising in tandem! pic.twitter.com/oglKv5ZYXV
— Ali (@ali_charts) September 12, 2025
The chart reflects significant network engagement over the past month.
Such developments reflect increased activity from users moving digital assets, transacting, and interacting with decentralized applications (dApps).
That confirms a healthy and growing ecosystem.
Most importantly, whales have also re-entered.
Ethena has seen wallet growth and significant inflows, indicating institutional repositioning ahead of potential ENA rallies.
Ethena’s stablecoin initiative has contributed to the enhanced interest from institutions.
For instance, Mega Matrix filed $2 billion shelf registration for a USDe strategy last week.
The synthetic stablecoin has gained traction due to its yield-bearing model, which distinguishes it from the established USDT and USDC.
USDe ranks 3rd in stablecoin rankings, behind USTD and Circle’s USDC, with its $13.2 billion market cap confirming impressive growth since its February 2024 launch.
ENA price outlook
Ethena’s native token trades at $0.7720 after slight declines over the past day.
Analysts attribute the downside, which coincides with broader rallies, to the project exiting the Hyperliquid stablecoin USDH race.
While the faded trading volumes signal weakness, Ethena exhibits a healthy ecosystem that can support significant rebounds and rallies.
A bullish resurgence would see ENA targeting the foothold at $0.90. That could support stability above the psychological mark at $1.
Ethena will extend toward the key resistance between $1.20 and $1.30 amid continued gains.
That would mean an over 50% uptick from ENA’s current market price.
However, the Fed decision next week will set the market tone and influence Ethena’s short-term performance.
Crypto trader and investor Smith predicts a massive rally for ENA, citing the weekly chart.
He believes a decisive breakout amid an altseason would take the token’s price to $7.
$ENA gearing up for breakout.
Altcoin season could push this 5X higher.
Weekly target: $7+.
Massive rally ahead. pic.twitter.com/PKXKa0Z8Y2
— Smith (@CryptoSmith0x) September 10, 2025
Also, BitMEX co-founder Arthur Hayes has remained confident in Ethena, testifying to that with consistent purchases and bold predictions.
Hayes anticipates a 51x growth for ENA by 2028.
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