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Ethena is not just going up in price. Something bigger is happening behind the scenes. Its synthetic dollar, $USDe, has grown fast and is now the third largest stablecoin on Ethereum. This strong growth has pushed $ENA’s price up by 15 percent, bringing it back above an important level. But at the same time, a huge number of $ENA tokens have been sent to exchanges. The big question is whether the Ethena price will keep rising or if a sell-off is around the corner.
Ethena Price Prediction: $USDe Surges Into the Big League
The biggest story behind $ENA’s breakout isn’t on the Ethena price chart. It’s what’s happening on-chain. Ethena’s synthetic stablecoin, $USDe, has climbed to become the third-largest stablecoin on Ethereum, trailing only USDT and USDC. This isn’t just a headline—it’s confirmation that $USDe is now a major player in DeFi. Over the past month, supply has expanded by 75 percent, showing clear user demand and traction across protocols.
What This Means for $ENA Price?
This rapid growth directly feeds into $ENA’s value. As the native asset powering Ethena’s ecosystem, $ENA becomes more important the more $USDe is used. Today’s 15 percent price jump reflects that underlying demand. The $0.61 level was reclaimed after a strong upside push, suggesting traders are starting to price in this momentum.
Why 250 Million $ENA Moved to Exchanges Matters?
There’s one key variable that changes the short-term narrative. Around 250 million $ENA tokens have been sent to exchanges over the last two weeks. That’s not a minor shuffle—it’s a potential signal of upcoming sell pressure. This movement could mute any rally before it takes off, especially near known resistance zones. It introduces uncertainty, even as fundamentals improve.
Chart Signals: Breakout Building or Bull Trap Ahead?
On the daily Heikin Ashi chart, $ENA price is trading above the 20-day SMA and holding support near $0.56. Price is pushing against a critical resistance wall at $0.622. If this gets flipped into support, the next target becomes the upper Bollinger Band near $0.70. Above that, Fibonacci extension zones place the next logical upside between $0.84 and $0.98.
The trend is still constructive, but fragile. Bulls have a clear upper hand as long as $ENA price stays above the $0.55 range. A breakdown below $0.50 would be a structural shift, likely triggering a deeper retrace.
Ethena Price Prediction: What Comes Next?
The growth of $USDe has set a long-term bullish tone for Ethena price. But in the immediate term, the token inflows to exchanges complicate the outlook. If momentum continues and $0.622 flips into solid support, Ethena price could rally to $0.70 quickly, with an extended move toward $0.85 still on the table.
If resistance holds and the market reacts to potential sell-offs, a consolidation phase could take over with support tests near $0.56 and $0.50.
Ethena is entering a new phase. Its stablecoin is gaining real market share, and $ENA is responding. But with large holders making moves behind the scenes, the next few days will determine whether this rally has legs—or hits a wall. Keep your eyes on the $0.62 breakout and exchange wallet activity. That’s where the real story will unfold.