🔥 Ethena Bulls on the Move — 150% Surge Backed by R$10B TVL and Golden Cross Momentum
In the past month, Ethena (ENA) has soared 150%, with a 40% gain in just the last week.
The protocol’s Total Value Locked (TVL) has crossed the R$10 billion mark for the first time, driven by the rising adoption of USDe — its synthetic dollar — which is now the world’s third-largest stablecoin by market capitalization.
**Key Drivers:**
Michael Saylor weighed in on Ethereum treasury strategies, noting Ethena’s daily R$5 million ENA buybacks that reduce supply. Meanwhile, wallets holding between 100k–1M ENA tokens jumped 12% in July, now controlling around 30% of the circulating supply.
A bullish golden cross — where the 50-day EMA moves above the 200-day EMA — further fueled ENA’s rally.
Technical indicators remain favorable:
* MACD flipped bullish.
* RSI is nearing 74, showing strong momentum without extreme overbought pressure.
* A bullish flag breakout on August 10 sent ENA up 14.7% from R$0.64 to R$0.81, before testing R$0.85.
**Levels to Watch:**
* **Resistance:** R$0.8741 and the R$1.00 psychological barrier.
* **Targets if R$1 Breaks:** R$1.25 or R$1.50.
* **Support:** R$0.70, R$0.56, R$0.47.
However, R$29.8M worth of ENA traded on August 9–10 could bring near-term price swings.
**Ecosystem Growth & Whale Accumulation:**
LayerZero now supports 23 blockchains for USDe, handling R$743M in cross-chain volume last week.
Derivatives activity rose sharply, with ENA futures volume climbing 41.84% to R$4.35B. Whale investors have increased their holdings by over 30% in the past week, signaling strong accumulation.
Analysts say the combination of robust technical signals, expanding on-chain ecosystem, and rising institutional interest — alongside the upcoming “fee switch” rewarding ENA holders — could position Ethena as a leading DeFi asset if momentum persists.
@EthenaLabs
\#ENA #ETHTreasuryStrategy #ETH4500Next ? \$ENA
