Ethena’s ENA Token: A Surge in Activity and Investor Confidence
In recent developments, Ethena’s ENA token has shown remarkable activity and investor interest, even as the broader cryptocurrency market remains relatively stable. The past four days have witnessed the withdrawal of a substantial 140 million ENA tokens from exchanges, signaling a potential shift towards long-term holding and self-custody.
Key Notes
- 140 million ENA have been withdrawn from exchanges in the past four days.
- Ethena’s TVL surged to just below $12 billion, reflecting growing adoption.
- ENA is currently trading around $0.66, up by 3% in the past 24 hours.
While the broader crypto market remains flat, Ethena’s ENA $0.74 has gained 3% in the past day. This notable resilience amid market uncertainty is seen as a positive sign by many investors.
At the time of writing, ENA, the 32nd largest cryptocurrency, trades around $0.66 with a market cap of $4.38 billion. This price increase aligns with a significant movement of ENA tokens off exchanges, hinting at growing investor confidence and a preference for holding the asset long-term.
140 million Ethena $ENA withdrawn from exchanges in the last 96 hours! pic.twitter.com/hGaO0ESDT0
— Ali (@ali_charts) August 22, 2025
ENA Price Strengthens With Recent Developments
Since July, ENA’s price performance has been particularly strong, fueled in part by its recent listing on the popular trading platform Upbit. The token has experienced a dramatic increase from $0.24 to a local peak of $0.84 on August 11, marking a substantial 350% rally. This surge followed Ethena’s strategic $260 million buyback, which effectively removed nearly 8% of the circulating supply from the market.
Additionally, Ethena’s stablecoin, USDe, has seen its supply grow by 75% to $9.3 billion. This growth, coupled with the legislative support from the GENIUS Act in the United States for the regulated synthetic dollar USDtb, has bolstered institutional confidence in the platform.
Ethena’s Total Value Locked (TVL) has also seen significant growth, currently just below $12 billion, indicative of increased activity across its ecosystem. However, despite these positive developments, the broader market’s volatility has led to a 24% price drop from its local top.
To counter potential liquidation risks, a trader known as wallet address 0x2611, who is currently down more than $1.85 million on an open ENA long position, deposited an additional 1.7 million USDC into Hyperliquid earlier today.
Trader 0x2611 is down over $1.85M on his $ENA long.
To avoid liquidation, he deposited another 1.7M $USDC into Hyperliquid 4 hours ago.https://t.co/16wpfXcjc1 pic.twitter.com/Oyp9RhQfbj
— Lookonchain (@lookonchain) August 22, 2025
Analysts Suggest Bullish Sentiment
Analysts are observing a bullish sentiment around ENA, primarily due to its recent breakout from a descending wedge pattern on the 4-hour chart. This technical indicator suggests the potential for continued upward momentum, especially if buying volume increases.
$ENA Price breaking wedge resistance line.#ENAUSDT pic.twitter.com/F45XlxNYgT
— Hexa🧘 (@HexaTrades) August 22, 2025
On the daily chart, ENA’s price is consolidating around the midline of the Bollinger Bands. Should it surpass the $0.72 mark, traders might anticipate a retest of the local high at $0.84. Conversely, a failure to maintain this level could see the token drop to the $0.61 level, aligning with the 200 EMA.
ENA price chart with RSI and Bollinger Bands. | Source: Trading View
Currently, the Relative Strength Index (RSI) hovers near the neutral zone, indicating room for price movement in either direction. A further upward move in RSI would confirm bullish strength. Notably, popular analyst Altcoin Sherpa has highlighted a bullish scenario for ENA, suggesting it could be the next cryptocurrency to experience significant growth.
$ENA I have been waiting forever for this level. 200ema, 0.382 fib, s/r level…fck it I’ll probably buy some. pic.twitter.com/BHgLDQQY0J
— Altcoin Sherpa (@AltcoinSherpa) August 22, 2025
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
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