Ethena price has staged a strong 40.03% rally this week, and 11.59% in the last 24 hours, trading at $0.8406. The moonish surge aligns with Ethena’s TVL hitting a record $10 billion, alongside a major milestone for its synthetic dollar, USDe. Which recently became the 3rd largest stablecoin by market capitalization. 

Successively, $5M daily ENA buybacks are reducing circulating supply, creating scarcity. Plus, whale addresses holding 100k-1M ENA grew 12% in July, now controlling ~30% of supply. Wondering where the ENA price could head next? Join me as I decode the same in this analysis.

On-Chain Analysis

Ethena’s TVL has reached an all-time high, surpassing $10B as of August 9, 2025, according to Messari. This marks a significant influx of capital into the protocol, reflecting growing investor confidence and adoption of its DeFi products. The TVL rise has tracked closely with ENA’s price recovery from multi-month lows, suggesting that capital inflows may be leading price action. 

ENA Price Analysis

ENA’s recent price breakout came on August 10th, when it surged 13.7% from $0.64 to $0.7277, breaking out of a bullish flag pattern. The rally has since extended toward $0.8493, today’s high, with the price currently consolidating around $0.84.

Technical indicators point to strong momentum, the RSI-14 at 74.76 suggests the market is nearing overbought levels, though not yet extreme. This is while the shorter-term RSI-7 at 81.81 indicates high short-term enthusiasm. MACD, on the other hand, has confirmed a bullish crossover with the histogram turning positive at +0.010557.

Talking about price targets, the key upside targets are at $0.8741 at Fibonacci 127.2% and one at $1.02. However, $29.8M worth of ENA moved to exchanges on August 9–10, which could introduce near-term volatility. On the downside, a close below $0.7046 could trigger profit-taking toward lower supports at $0.5638 and $0.4764.

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