Ethena (ENA) is entering a new stretch where bigger players, new products and fresh rules are starting to reshape how the project moves forward. Traders are watching closely because the ENA price has started to show early signs of strength after weeks of volatility.
A large wallet linked to Ethena Labs pulled $7.1M worth of ENA off Bybit, which often points to reduced selling pressure or preparation for incentives.
At the same time, Ethena is pushing deeper into the regulated stablecoin market through its Anchorage partnership, which now supports a GENIUS-compliant version of USDtb.
ENA also received a boost from traditional markets as 21Shares launched a regulated ENA ETP. All of these developments set the tone for how ENA positions itself heading into 2026.
What the Ethena Chart Is Showing Right Now
The zoomed-out ENA chart shows a long decline from earlier highs, with repeated failures around the moving average. Each bounce has been short-lived, keeping ENA inside a wide downtrend channel.
The recent reaction from the lower daily zone shows that buyers are still trying to hold key levels, but momentum remains weak. The ENA Price sits around $0.2745, right between a broad support zone and a cluster of resistance areas that have capped ENA several times over the past months.
The structure is still fragile. ENA needs to reclaim the mid-range near $0.35 to break the pattern of lower highs. If the current support fails, price may revisit the deeper zones from early 2025. If buyers hold this area and news flow stays positive, ENA may finally build a stronger base for a slow recovery.
Source: TradingView.com Three Big Forces Shaping Ethena Price Heading Into 2026
Ethena growing focus on regulated adoption is becoming one of its key strengths. The Anchorage partnership and the GENIUS-compliant USDtb open the door for institutional use cases like settlements and treasury management. This could lift demand for ENA through governance and revenue-sharing mechanisms.
USDe growth remains one of the biggest drivers of long-term value. Supply has been rising fast, fees continue increasing, and the upcoming fee switch will allow a portion of protocol revenue to flow to ENA stakers. If this activates early in 2026, ENA becomes a real yield asset, similar to how BNB gained traction during its early fee-sharing era.
Restaking and cross-chain security are another major piece of the story. Ethena’s integrations with Symbiotic and LayerZero have locked more than 450M ENA into staking and governance. This reduces liquid supply and has historically supported price during expansion periods.
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However, ENA also faces token unlocks throughout 2026, which have the potential to pressure price if market demand doesn’t grow in time.
The team’s plan for 2026 focuses on building utility through the fee switch, expanding USDe, and laying early groundwork for a long-term Ethena Chain that would host its own financial apps powered by USDe.
If these core pieces fall into place, 2026 could become a turning point for Ethena ecosystem.
How Much 100 ENA Could Be Worth by 2026
The ENA price in 2026 depends on how fast USDe grows, how the fee switch plays out, and how much demand comes from restaking, institutions and new trading products.
If the market stays weak, 100 ENA may stay near today’s value, somewhere around $25 to $40. If things calm down and USDe keeps growing, that range could shift to about $60 to $120.
If adoption strengthens, revenue grows and the fee switch activates smoothly, 100 ENA could reach somewhere between $180 and $300 as more stakers lock tokens for yield.
In the most optimistic case – where Ethena becomes a core liquidity hub, USDe rivals DAI, and the Ethena Chain gains real usage – 100 ENA could rise far beyond $500.
Ethena is heading into a decisive year. The ecosystem is expanding, new institutional rails are forming, and the protocol continues to grow even in a difficult market.
The chart shows the ENA price trying to find support, while the fundamentals show a project that is still building fast and aiming for long-term growth. If this momentum continues, ENA could look very different by 2026.
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The post How Much Will 100 Ethena (ENA) Tokens Be Worth by 2026? appeared first on CaptainAltcoin.
