Ethena Price Rockets 20%, Can ENA Hit $1 Amid StablecoinX’s Buyback?

Ethena price has zoomed nearly 21% in a single day and over 50% across the past week. This bullish trend comes in the wake of StablecoinX initiating a massive $260 million ENA purchase program, buying $5 million worth of tokens daily. At the same time, Ethena has drawn institutional attention with its regulatory-compliant stablecoin, USDe, whose supply has now exceeded $7 billion. 

With volumes and activity both spiking, investors are now watching closely to see if ENA can conquer the next resistance and continue its ascent. If you are one of them, you cannot miss out on this ENA price analysis.

Active Addresses Hit an ATH?

On-chain data by Santiment reveals a notable surge in 24-hour active addresses, peaking at 3,438, the highest in ENA’s history. This spike marks a dramatic rebound in user activity, fostering confidence in the asset’s growing ecosystem. 

The increase coincides with the rollout of sENA’s Season 3 rewards structure, which offers 40x yield incentives compared to 20x for USDe. These high-yield staking mechanisms not only attract long-term holders but also tighten market supply, strengthening the case for further price growth.

ENA Price Analysis

ENA is currently being sold at exchanges for $0.5960 after reaching an intraday high of $0.6222 and a low of $0.4874. This upward momentum followed a critical breakout above the $0.54 resistance level, which has now flipped into support. If it sustains above this zone, ENA could claim  $0.85–$1.00 over the next few weeks. Which aligns with the 127.2% and 161.8% Fibonacci extension levels.

The upper Bollinger Band breakout indicates strong volatility and bullish sentiment, supported by a surge in daily trading volume of 102%, totaling $2.17 billion. This jump in liquidity is a clear sign of institutional involvement. That being said, the RSI at 75.96 confirms the asset being in overbought territory.

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