ENA Price Eyes 60% Rally as Ethena Expands Across Bybit, Monad, and Avalanche

The ENA price is finally showing signs of life after months of relentless selling. Since printing its all-time low of $0.070 in June, the token has steadily built a demand base while selling pressure appears to be fading. Now trading around $0.086, ENA has broken above its 50-day EMA, placing the next technical objective around the 200-day EMA between $0.136 and $0.144, roughly 60% above current levels.

Accumulation Trend Begins Taking Shape

The ENA price isn’t just rising in isolation. Supply distribution suggests that wallets holding between 1 ENA and 1 million ENA have been steadily increasing since early 2026, pointing toward broad accumulation. At the same time, addresses holding 1 million to 10 million ENA continued distributing tokens, effectively using smaller buyers as exit liquidity.

That dynamic appears to be changing. User engagement has strengthened over the past month, while the 30-day moving average of active addresses continues trending higher, indicating growing network participation alongside slightly improving price action.

Ecosystem Expands Across Major Platforms

Recent Ethena Ethena Ethena is a decentralized finance protocol founded by Guy Young that focuses on building a crypto-native synthetic dollar called USDe. It is designed for use across the DeFi economy, stablecoin innovation, and yield-bearing digital assets. Built on Ethereum, Ethena introduces a new form of money often referred to as “Internet Money," a scalable, censorship-resistant, and yield-generating alternative to traditional stablecoins like USDT and USDC. Ethena also introduces sUSDe (staked USDe), which offers yield-based savings exposure within the Ethena system.   Key Features of Ethena:   Users can earn yield through sUSDe, which acts as the savings version of USDe. The ENA token is used for governance, powers incentives, and helps guide protocol decisions. USDe is used as margin collateral and is supported on exchanges like Binance, Bybit, Upbit, MEXC, Deribit, and Kraken. The system runs fully on crypto networks without relying on banks or fiat reserves. It includes real-time visibility of backing assets, weekly proof of reserves, and monthly custodian attestations.   Ethena Milestones   Year  Achievements 2023 Raised $6.5M to build the first "Delta-Neutral" synthetic dollar (USDe). 2024 USDe launch and $3B supply: It became the fastest-growing USD-pegged asset in history, reaching $3B in just 4 months. 2025 Hit a $10B market cap. Crossed the $10 billion supply mark in 500 days, faster than both USDT and USDC. DeFi ecosystem developments have added fresh momentum. On July 14, bybit bybit Bybit is a cryptocurrency derivatives exchange that offers spot, futures, and options trading. The company uses a speed-matching engine and a leading top-order system to provide users with the ability to perform highly secure transactions. Bybit hosts events to connect experts all across the globe with the intention of sharing the knowledge of the growing technologies. Key Features: Trade spot, futures, and options with ease. Ensures quick and smooth trade execution. Low trading fees for all crypto traders. Offers charts, trading bots, and technical indicators. Uses cold storage, multi-signature wallets, and risk controls. Centralised ExchangeCrypto trading and Information removed minting and redemption fees for USDe using USDC, becoming the only major exchange offering verified users direct USDe minting and redemption entirely through its interface or API.

Two days later, USDe and sUSDe launched on Monad Foundation Monad Foundation The Monad Foundation drives innovation in blockchain by advancing the Monad protocol—prioritizing speed, decentralization, EVM compatibility, and robust security. As a key player in blockchain services, it fosters ecosystem growth and developer support globally.   Key Features: High-performance EVM-compatible blockchainFocus on decentralization and scalabilityDeveloper grants and supportSecure, efficient infrastructure Event OrganiserCrypto / Blockchain Solution , including integration with Monad’s Aave deployment, giving users access to stablecoin borrowing liquidity at scale.

Then on July 17, kraken kraken   Kraken is a global cryptocurrency exchange and multi-asset trading platform founded in 2011 by Jesse Powell, Thanh Luu, and Michael Gronager. What began as a Bitcoin exchange has evolved into a broader financial platform offering crypto spot trading, margin trading, derivatives, staking, equities, tokenized assets, payments, custody, and institutional services. Kraken is trusted by millions of traders and institutions worldwide and supports more than 200 digital assets and multiple fiat currencies. Its Kraken Pro platform targets advanced traders with customizable trading interfaces, deep liquidity, real-time market data, advanced order types, and derivatives markets.   Kraken Details   Attribute Details Parent Company Payward Trading Platforms Kraken, Kraken Pro, Kraken Desktop Supported Assets 200+ digital assets; availability varies by region Fiat Currencies USD, EUR, GBP, CAD, AUD, JPY, CHF, AED and others Crypto Options BTC and ETH options introduced through Kraken Pro Staking Crypto staking and rewards on eligible assets Institutional Services Trading, custody, OTC and infrastructure services for institutions Trading APIs API infrastructure for algorithmic and professional trading Mobile Apps Kraken mobile app and Kraken Pro mobile app Security Focus Security-first architecture, custody controls, compliance infrastructure and proof-of-reserves history Customer Base 9M+ traders and institutions according to Kraken's company information   Key Features of Kraken   Eligible traders can use up to 100× leverage on BTC and ETH perpetual futures in supported markets. Trade USD-settled BTC and ETH options through Kraken's expanding derivatives offering. Earn staking rewards on supported crypto assets, with rates of up to 21% annually in eligible markets. Trade U.S. stocks and ETFs alongside crypto through Kraken's multi-asset platform. Explore tokenized equities and financial assets that connect traditional markets with blockchain technology. Institutional clients can access OTC trading, custody, deep liquidity, and professional trading tools.   Kraken Supported Countries   Kraken supports clients in more than 190 countries, covering major markets such as the United States, Canada, Australia, the United Kingdom, and all 30 EEA countries, subject to local regulations and feature availability.   Major Supported Regions   North America: United States (with certain features restricted in states such as New York and Maine). Kraken also supports all Canadian provinces and territories. Europe: All EEA member countries, such as Germany, France, Italy, Spain, and Ireland, under the MiCA regulatory framework. Oceania & Others: Australia, the United Kingdom, and many other jurisdictions worldwide.   Kraken Products    Product Category Kraken Crypto Trading Platform Kraken Pro Advanced Trading Kraken Desktop Trading Application Kraken Derivatives Derivatives Trading Kraken Options Options Trading Kraken Staking Staking / Earn Kraken Funded Funded Trading Kraken Prop Proprietary Trading Kraken Institutional Institutional Trading Kraken Prime Institutional Prime Brokerage Kraken Custody Institutional Custody Kraken OTC OTC Trading Kraken API Trading Infrastructure Kraken Embed Crypto-as-a-Service Payward Services B2B Financial Infrastructure CF Benchmarks Market Data / Indexing   support@kraken.com Centralised ExchangeDecentralised Exchange enabled USDe deposits and withdrawals on Avalanche, expanding accessibility for Ethena’s synthetic dollar across another blockchain ecosystem.

ENA Price Approaches Critical Resistance

Taken individually, these announcements may seem incremental. Together, however, they show Ethena steadily expanding its infrastructure across exchanges, Layer-1 ecosystems, and lending markets.

For the ENA price, the technical picture is beginning to align with improving fundamentals. A sustained 60% move from current ENA price to the $0.136-$0.144 resistance zone would confirm renewed momentum after months of weakness, while continued ecosystem expansion could provide additional demand if adoption keeps building.

• ENA$ 0.2539(-3.85%)

• USDe$ 0.9999(0.02%)