ENA rallies as protocol fees hit $1.061 billion milestone

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Ethena jumps 7.09% today to $0.2366

Highlights

Ethena reported $17.7 million in realized profits in one hour as trading volumes and token demand surged.
$340,000 in short liquidations and an inflow of 11.64 million ENA to Bybit signaled forced buying and speculative activity.
ENA/USD trades in a bullish structure with price expected to consolidate between $0.2234 and $0.2498 over 2 to 3 days.

Record profits and forced short liquidations spur speculative flows

Ethena set a new hourly record with $17.7 million in realized profits within a single hour, a surge that reflects intense trading volume and heightened demand for the token, according to Tokenpost. This burst in activity was accompanied by $340,000 in short liquidations across major exchanges, which forced the covering of bearish positions and contributed to immediate buying pressure. Additionally, a large deposit of 11.64 million ENA tokens, worth $2.85 million, onto Bybit from an Ethena Proxy address highlighted significant flows into trading venues and potential speculative interest. Tokenpost also reported that protocol fees have reached $1.061 billion since late 2023, underscoring the platform's growing scale and ecosystem value.

Mixed momentum amid dominance of buyers and technical divergences

Technical analysis shows ENA/USD trading above the MA-20 at $0.236, MA-50 at $0.2274, and also well above the long-term MA-200 at $0.1183 on the hourly chart. The Ichimoku Kijun is positioned at $0.2339, acting as an immediate support. Momentum indicators are mixed: MACD and ADX both point to strong buying signals, while the Stochastic RSI shows oversold conditions, RSI is in buy territory, and CCI remains neutral. Bull/Bear Power indicates buyer dominance intraday, but the Awesome Oscillator is neutral, not confirming the upward trend, suggesting some caution due to the divergence among momentum and oscillators.

Consolidation likely as upside outpaces downside risk

Over the next two to three trading days, ENA/USD is expected to consolidate in the $0.2234–$0.2498 range, a typical volatility band relative to current levels. There is a high probability (71%) of an upward move, while a downside scenario is less likely at 29%. If price breaks above resistance at the top of the forecasted range, further gains may follow; conversely, a drop below immediate support could trigger a corrective move.

Viktoras Karapetjanc, Traders Union analyst, sees strong evidence of robust fundamental and sentiment support for ENA. He believes the exceptional realized profits, large protocol revenue, and major exchange inflows all point to increasing confidence and institutional-scale participation. Recent liquidations and technical support reinforce ongoing demand, though mixed indicators warrant some caution. "Momentum is building on both fundamental and sentiment fronts, so I remain constructive on ENA’s outlook this week."

Previously it was reported that bullish momentum in Ethena was driven by aggressive short liquidations and support from key technical levels. The latest surge in realized profits and significant on-chain flows not only reinforce the ongoing demand but also position the $0.2339 support as a critical level to monitor for signs of further upside or a potential reversal.

Source of Data: ENA Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

The information is based on forecasts and does not constitute investment advice or a guarantee of future results. Market conditions may change. See our Disclaimer and Editorial Integrity for details.