Ethena (ENA) has jumped nearly 5% in the past 24 hours, trading near $0.091, as the protocol’s synthetic dollar USDe expands across multiple chains and platforms. The token briefly touched $0.093 before easing, with the weekly gain now around 9%. The rally is being driven by a series of ecosystem updates that have boosted demand for USDe and, by extension, the ENA token.
Ethena Labs has been aggressively expanding the reach of USDe. Bybit recently eliminated minting and redemption fees for USDe using USDC, streamlining access for both retail and institutional users. Meanwhile, USDe has been deployed on Avalanche with native deposit/withdrawal support, and the token launched on the Monad ecosystem alongside staked USDe (sUSDe). Native integration with Aave on Monad allows users to borrow against USDe positions, enhancing its utility in decentralized finance.
The growth is also evident in lending markets: Morpho deposits backed by USDe have surpassed $300 million. Ethena has now distributed over $750 million in cumulative rewards while maintaining approximately $4.4 billion in USDe circulation, highlighting sustained demand for its delta-hedged yield product.
Distribution has further widened through Robinhood's blockchain ecosystem, where Ethena allocated more than $50 million into the Robinhood Chain’s Morpho USDG vault. USDe accounts for over 70% of collateral allocations in Robinhood’s in-app Crypto Earn product. Chainlink Data Feeds have been integrated to secure USDe pricing on Robinhood Chain. Additionally, institutional interest is brewing — BlackRock’s Aladdin platform is reportedly exploring USDe integrations, although no production deployment has been announced.
On the technical front, ENA’s price is approaching a key resistance zone between $0.098 and $0.10. A sustained breakout could open the way toward $0.116, with further targets at $0.144 and $0.173. Momentum indicators are largely bullish: RSI has climbed to 64, and the MACD has produced a bullish crossover with its histogram turning positive. On-balance volume is trending higher, suggesting accumulation rather than distribution. However, short-term charts from the 4-hour timeframe indicate that the rally may be overextended — RSI reached 71.4, entering overbought territory, which could trigger brief pullbacks before the trend resumes.
Elsewhere, XRP continues to hold near $1.13 and is defending critical support at $1.129. Technicals remain bullish with an RSI of 56.9 and a strong ADX of 42.7. A break above $1.142 could push XRP toward $1.157. On the other hand, Worldcoin (WLD) has pulled back to around $0.38 after touching $0.40, now sitting just above support at $0.376. Indicators are mixed: RSI is neutral at 50, MACD signals mild sell pressure, and ADX shows weak trend strength. A decisive move above $0.384 could reignite buying, while a loss of $0.376 would expose WLD to $0.370.
Overall, the day’s price action highlights Ethena’s strong fundamentals as USDe adoption grows, while XRP and Worldcoin trade near pivotal technical levels that may dictate their short-term direction.
