Ethena's native token ENA surged 11% to $0.60, leading daily crypto gains as its synthetic dollar stablecoin USDe reached an all-time high supply of $8.73 billion – a $3.4 billion increase since July 16. This growth reflects accelerating adoption of Ethena's yield-generating stablecoin protocol, with USDe now ranking as the third-largest stablecoin globally at $9.3 billion market capitalization.
Technical indicators signal bullish momentum, with ENA's Bollinger Band Trend showing expanding green bars since June 29 and RSI at 62.12 indicating accumulation bias. However, the rally faces imminent headwinds as 171.88 million ENA tokens (worth $104.56 million, 2.7% of supply) unlock on August 5. On-chain data reveals whales reduced holdings by 30% this week, while public figure wallets slashed positions by 75%. Notably, Arthur Hayes sold $4.62 million in ENA citing macroeconomic risks.
Technically, ENA trades near critical $0.52 support within a bearish ascending broadening wedge pattern. A breakdown could trigger a plunge toward $0.24 (July lows), while MACD's bearish crossover and declining RSI signal weakening momentum. This follows ENA's 140% July surge driven by Ethena becoming the sixth-largest DeFi protocol (73% TVL growth), Upbit listing, and a $260 million token buyback initiative.