Ethena’s ENA token pushed higher over the weekend, climbing about 6% to test the upper boundary of a month-long descending channel, while the protocol’s USDe synthetic dollar expanded to OKX’s X Layer and OKX Wallet. The rebound brought ENA back toward the $0.209–$0.211 zone, though it remains roughly 30% below its late-September peak near $0.295.
According to TradingView data via Binance, Sunday’s session saw ENA reclaim its 50-day simple moving average near $0.204 and briefly push through the channel’s upper edge before running into the 0.382 Fibonacci retracement level around $0.209. The daily relative strength index crossed back above its 50 midpoint to about 50.5, while volume reached approximately 131.9 million ENA with the candle still open. A daily close above the 0.382 Fib would open a path toward the 0.236 Fib near $0.242, whereas failure could send the token back toward the 50-day SMA and the 0.5 Fib near $0.182.
The rally is not yet supported by protocol buybacks. Ethena’s governance-approved fee switch directs 95% of qualifying net protocol revenue to ENA buybacks only once the 14-day average supply of USDe reaches $7.5 billion. DefiLlama data puts USDe supply near $4.76 billion in mid-October, about $2.7 billion short of the trigger. Without that, there is no protocol-funded buyer behind ENA.
Meanwhile, USDe went live on OKX’s X Layer and OKX Wallet, where it can be used on X Layer through Aave V3, with a looping feature planned for OKX Wallet later. Ethena has already brought USDe and sUSDe to TRON and has expanded the assets behind its delta-neutral strategy to include tokenised equities and equity perpetuals. However, USDe TVL declined to about $4.59 billion on Oct. 25, down from $4.98 billion on Oct. 7 and from $4.90 billion at the end of September. Ethena has still earned about $21 million in fees over the past 30 days, and cumulative USDe fees have passed $1 billion.
Token supply remains a key risk. A one-time release of all remaining investor tokens on Oct. 5 ended the monthly investor schedule, and another 275 million ENA—worth roughly $56–$57 million—is set to unlock on Nov. 1. That new liquid supply arrives before any buyback demand can begin. Liquidation pressure has also been notable, with about $816 million in positions wiped out across the market on Saturday, mostly longs, according to CoinGlass.
CoinGecko reported an 8.8% rebound in ENA after Arthur Hayes sold 14 million ENA tokens worth about $2.7 million. The token was trading near $0.205 on Oct. 26, with immediate support in the $0.19–$0.20 area and resistance at $0.22–$0.23. Standard Chartered recently began coverage of ENA, forecasting $0.42 by the end of 2026, $1.10 in 2027 and $2 by 2028, conditioned on USDe supply growing well beyond current levels.
