The price of Ethena (ENA) has shown a significant increase of 21% in one day and over 50% in a week, attributed to StablecoinX initiating a $260 million token purchase program.
Active Addresses Hit an All-Time High
On-chain data from Santiment reveals a surge in 24-hour active addresses reaching 3,438, the highest in ENA’s history. This spike marks a significant increase in user activity, fostering confidence in the asset’s growing ecosystem.
ENA Price Analysis
ENA is currently priced at $0.5960 after reaching an intraday high of $0.6222 and a low of $0.4874. This upward momentum followed a critical breakout above the $0.54 resistance level, which has now flipped into support. If it sustains above this zone, ENA could reach $0.85–$1.00 over the upcoming weeks. Trading volume has surged by 102%, totaling $2.17 billion, indicating substantial institutional involvement.
Frequently Asked Questions
Why is ENA price up today? StablecoinX’s $260M buyback plan and whale accumulation have triggered increased demand. What is the next price target for ENA? The next resistance is at $0.63. A breakout could open the path to $0.85–$1.00. Should I buy ENA now? With RSI above 75, it’s in overbought territory, but strong volume confirms bullish momentum.
The 21% price increase of Ethena and the uptick in user activity indicate a growing interest in this token. Institutional investments and buying programs contribute to a bullish sentiment in the market.
