The token’s market cap now stands at $4.83 billion, with trading volume nearly doubling to $1.46 billion in the same period.
Large holders have boosted their ENA positions by 30.19% over the past three months, including a 0.21% increase in just the past week. StablecoinX’s $260 million buyback program, running at approximately $5 million per day, has already absorbed around 8% of ENA’s circulating supply since July 21. This sustained accumulation reduces sell-side pressure and reflects long-term confidence in Ethena’s synthetic dollar model.
Ethena’s USDe stablecoin supply has jumped 30% since July 17 to $9.66 billion, making it the third-largest stablecoin by market cap. The launch of the GENIUS Act-compliant USDtb variant, backed 90% by BlackRock’s BUIDL fund, has opened doors for deeper institutional adoption. Anchorage Digital’s participation has further enhanced regulatory credibility, alleviating concerns over peg stability and compliance risks.
On the charts, ENA has reclaimed its 50-day EMA at $0.516 and convincingly broken above the $0.65 resistance level. The MACD histogram has flipped positive, while RSI readings remain below extreme overbought territory despite recent gains. Analysts, including Ali from @ali_charts, see the current bullish flag breakout as a possible path toward $1.50. However, the 78.6% Fibonacci retracement at $0.812 may serve as the next resistance zone. A close below $0.60 would put the bullish setup in jeopardy.
Investors will be monitoring StablecoinX’s daily buyback execution rates and whale wallet activity closely, as both remain key drivers of supply dynamics. Regulatory developments surrounding USDe’s expansion and institutional adoption rates will also play a critical role in determining whether ENA can maintain its momentum toward the $1 mark and beyond.
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