Ethena (ENA) Price Prediction: Ethena Whales Are Back—Is ENA Gearing Up for a 50% Price Explosion?

The recent accumulation of over 1 billion ENA tokens by high-net-worth wallets has raised bullish sentiment, even as ENA’s price struggles to maintain upward momentum. Could this aggressive buying signal a significant breakout for the fast-growing DeFi protocol?

According to on-chain data from Santiment, wallets holding between 10 million and 1 billion ENA have collectively added more than 1 billion tokens in recent days. These whale addresses now hold 6.3 billion ENA, reinforcing confidence in the project’s long-term potential despite short-term price volatility.

Whales have recently accumulated over 1 billion Ethena (ENA) tokens, signaling renewed institutional interest and growing confidence in the asset’s long-term potential. Source: Ali Martinez via X

This whale activity aligns with Ethena’s growing fundamentals, especially the sharp rise in its total value locked (TVL). Data from DeFiLlama shows that Ethena’s TVL jumped from $5.8 billion in early 2025 to over $9.6 billion in August—a surge of more than 76% in just three weeks.

Market analyst Ali Martinez drew attention to this behavior on social media, noting, “Whales just bought over 1 billion ENA… What do they know that we don’t?” This accumulation often marks a market bottom and has historically preceded strong rallies in similar assets.

From a technical analysis standpoint, Ethena’s recent price action has formed a flag pattern, a classic bullish continuation setup. After peaking at $0.68 in late July, ENA dipped to around $0.575 during the August 5 New York session—a correction of about 18%. Despite the pullback, the macro bullish structure remains intact.

The ENA/USDT chart shows a potential rounded bottom pattern forming, aligning with broader bullish expectations for ETH and related assets this season. Source: Babenski on TradingView

Currently, ENA trades above the 20-day EMA and near the 38.2% Fibonacci retracement level, both key zones where buyers often re-enter. The price is now only 10% away from challenging the flag’s resistance around $0.64. A breakout above this level could trigger a rally toward $0.78, with an extended move toward $1 as the next ENA breakout target.

However, bearish signals remain in the midterm. The MACD indicator shows the MACD line slipping below the signal line, along with a declining histogram. If the price fails to hold key ENA support levels, especially around $0.44, the current correction could deepen before the next leg higher.

While ENA’s price retraced, Ethena’s synthetic stablecoin USDe expanded rapidly. The supply of USDe surged by 75% in July, climbing to a market cap of $9.69 billion, making it the third-largest stablecoin by supply and surpassing SkyProtocol’s USDS. The spike was partly driven by Ethereum’s price rally above $3,800, which improved Ethena’s earnings model and allowed for more aggressive minting of USDe.

Ethena USDe (USDE) was trading at around $1.00, down 0.01% in the last 24 hours at press time. Source: Brave New Coin

This expansion not only supports liquidity on the platform but also reinforces trust in the Ethena DeFi protocol, especially as the USDe ecosystem grows across both centralized and decentralized markets. Over 30% of USDe trades now occur on Bybit, with another 20% on Uniswap V3.

Adding to investor appeal, sUSDe—Ethena’s staked version of the stablecoin—trades at a premium, offering average annual yields of 8.85%. The supply of sUSDe has crossed 5.22 billion, indicating strong demand for Ethena staking rewards and a healthy DeFi ecosystem.

For those wondering what is Ethena crypto, the project operates as a synthetic dollar protocol that provides yield-generating stablecoins while minimizing reliance on traditional banking systems. Its flagship product, USDe, offers attractive yields and plays a central role in the platform’s rapidly expanding DeFi ecosystem.

Ethena (ENA) was trading at around $0.59, up 1.93% in the last 24 hours at press time. Source: Brave New Coin

The Ethena protocol has successfully navigated 2025’s market cycles, gaining investor confidence due to its robust tokenomics, scalable infrastructure, and adaptive supply mechanisms. Even during bearish market phases, the protocol has shown resilience, attracting long-term capital inflows.

Looking ahead, the ENA price prediction 2025 remains largely optimistic. If bullish momentum continues and ENA breaks out of its flag pattern, a move toward the $1 mark appears realistic—representing a potential 50% price surge from current levels. The expanding TVL, rising USDe demand, and whale accumulation all support this bullish case.

A bullish flag on ENA/USDT signals a potential breakout as BTC dominance rejects key resistance and trends lower. Source: Elimzo on TradingView

However, traders should monitor key levels on the Ethena price chart and remain cautious of broader market sentiment. While the long-term outlook is positive, short-term volatility may persist, especially if the current correction fails to resolve with a decisive breakout.