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The Ethena price is making waves in Q3, which are mainly fueled by whale accumulation, rising USDe demand, and major technical breakouts. With the token recovering quickly despite its recent token unlock event, it is surprising that the market appears increasingly confident in ENA crypto’s long-term prospects. Also, experts and investors alike are hoping for a potential breakout above $0.70 that could set the stage for a rally to $1.
ENA Shows Strong Resilience Amid Token Unlocks
As it was evident on the daily chart, the month of July was magnificent, as Ethena price saw a significant surge from lows of $0.23 to a peak of $0.70, placing it among the most bullish performers in the altcoin market.
Even after this rally, the retracement was limited, which showcased its underlying strength to hold on to its recently achieved gains. In early August, it further reinforced its resilience when ENA bounced off the $0.52 support zone despite a massive token unlock event.
Investors showed little concern over the unlock, but that was not enough to hold its rally, which is now signaling strong confidence in the project’s fundamentals.
Even whale investors doubled down on ENA when an analyst revealed his observation that wallet addresses holding between “10 million and 1 billion ENA” have collectively stashed over 1 billion tokens, and now totaling 6.3 billion ENA. This was a well-strategized accumulation and signifies bullish strength in ENA.
Rising Demand for USDe Adds Fuel to the Fire
Alongside whale interest, demand for USDe continues to grow, with total supply now reaching $9.612 billion and approaching the $10 billion threshold, per DefiLlama. This sharp uptick in demand underscores investor confidence in Ethena’s ecosystem.
Supporting this momentum, Ethena Labs announced today that AAVE increased the caps for sUSDe and USDe to $350 million and $300 million, respectively. This decision helped push the Ethena price today over 5% higher on an intraday basis to trade at $0.63, bringing it closer to its July peak of $0.70.
ENA/USD Chart Signals Imminent Breakout
The ENA/USD chart on Binance is reflecting positive momentum as the price climbs toward July highs. Technical indicators across the board are flashing bullish signals.
The CMF has turned positive today at 0.01, revealing rising money inflows and positive sentiment among investors.
Similarly, the AO and MACD both show increasing momentum with rising histograms.
Likewise, the RSI is now at 63.95, indicating strength with room for further upside.
On a structural level, the chart recently formed a golden cross between the 50-day and 200-day EMAs, which is a classic signal of long-term bullish momentum.
Moreover, the price action broke out of a falling wedge pattern this week, which historically precedes bullish moves.
If ENA flips the key resistance at $0.70, many expect the rally to extend toward the psychological $1 mark, strengthening the Ethena price prediction outlook.