The Ethena (ENA) token has seen significant growth in the past 24 hours, and its success in the DeFi market is sparking considerable interest. This article provides an analysis of the factors contributing to this growth, as well as current price indicators.
Key Drivers Behind ENA's Growth
ENA token has increased by 14% in the last 24 hours, with a monthly gain of 145.61%. The current price of ENA stands at $0.6445 with a market cap of $4.09B, positioning it among the fastest-growing tokens in the DeFi space. A primary driver of this growth is the surge in the circulating supply of Ethena’s native stablecoin, USDe, now reaching $7.54 billion, alongside a 50% increase in Ethena’s Total Value Locked (TVL) in July.
Active Addresses on ENA
A recent chart from Santiment highlights that active addresses on the ENA network have seen a noticeable drop after a mid-day spike. This trend may reflect profit-taking by traders following the recent rally or a temporary consolidation. While network activity peaked sharply around midday, it gradually tapered off, but a rebound is observed in the latest timeframe, suggesting renewed interest.
ENA Price Analysis
As of the writing of this analysis, ENA is trading at $0.6445, just below a resistance zone around $0.7046. It has established support at $0.6145, with stronger downside protection at $0.5638 and $0.4764. The RSI sits at 60.96, approaching overbought territory, indicating potential short-term consolidation. Should bulls reclaim the $0.7046 resistance, the next upside target lies at $0.8551.
The Ethena (ENA) token continues to show sustained growth supported by the increasing supply of the USDe stablecoin and market activity. Interest in the token remains high, and its future market movements will be closely monitored.
