The ENA price is holding a key $0.055–$0.08 accumulation zone after a prolonged correction.
* Active addresses and transfer activity are rising even as the ENA price remains near cycle lows.
* Ethena’s upcoming fee switch vote could become a major catalyst for the ENA price.
When you take a step back and look at Ethena's chart, it's easy to see why many traders have lost interest. The ENA price has spent months moving lower, dropping more than 94% from its peak before settling into the $0.07–$0.08 range that many investors have already written off.
Normally, that's the kind of price action that sends people looking for opportunities elsewhere. ENA is still trading below its 4-hour 100-period moving average at roughly $0.091 and its daily 100-period moving average near $0.102, so the broader trend hasn't turned bullish yet.
But that's also why this level is attracting attention.
Both momentum indicators are flashing signs of exhaustion. The daily RSI is around 35.5 and the 4-hour RSI is close to 34.2, putting the ENA price near oversold territory on both timeframes. Those readings don't promise an immediate rebound, but they often appear when sellers start running out of steam and buyers begin testing the waters.
The blockchain data adds another interesting piece to the puzzle. Daily active addresses have climbed from around 850–900 to roughly 1,180, even though the ENA price has barely moved. Transfer activity is improving as well, recovering from about 4,000 transactions per day to nearly 6,000 after peaking above 10,000 earlier in the cycle.
There's also a potential catalyst that has nothing to do with technical charts. Ethena's upcoming fee switch vote will decide whether part of the protocol's more than $332 million in cumulative revenue is returned to ENA stakers through buybacks or direct distributions. If the proposal passes, the market could begin valuing ENA as more than a governance token.
That doesn't mean the risks have disappeared. The ENA price still needs to reclaim resistance around $0.091 and then push above $0.10 before buyers can build a stronger recovery. The bigger technical hurdle remains $0.13. If support between $0.075 and $0.08 fails, the next area traders are likely to watch is $0.055.
ENA isn't one of the strongest-performing altcoins at the moment, but it is starting to show a combination of oversold technicals, improving on-chain activity, and a fundamental catalyst that could change the conversation.
