The ENA token of the Ethena project, which serves governance purposes, demonstrates high activity, having risen by 71.14% since September 14, when it was $0.135, to a local maximum of $0.231 on September 20. While Bitcoin's price overcame key resistance levels, ENA remained relatively stable, fluctuating around the $0.215 mark.
The DeFi protocol has released a synthetic stablecoin, USDe, and in recent days, there has been an increase in the market capitalization of stablecoins by $71.4 million from the five largest issuers, with Ethena contributing $35.8 million in just 24 hours. Since September 16, $90 million in ENA tokens has been staked, with the total amount of locked tokens reaching nearly $1.26 billion. Since early June, the ENA token consolidated below the $0.10 level until August, after which bulls managed to push the price above $0.14, confirming this level as support. In September, the price tested this level for strength, and buyers accumulated enough momentum for a new rally, surpassing the $0.22 mark.
The $0.22-$0.26 area served as a supply zone during the rally in January. During that January rally, this zone trapped many late buyers, after which the token sharply declined, so now many holders are just returning to breakeven. Short-term holders who bought before or during the last rally may also begin to take profits. Selling in the supply area of $0.22 is unlikely to be overcome on the first attempt, and ENA may need time for new consolidation at lower levels before bulls are ready for the next upward surge. At the time of writing, the nearest liquidity levels were at $0.232, and below that at $0.171, $0.178, and $0.188. In the event of a correction, ENA is expected to aim for the $0.171-$0.188 zone, which also marks the local maxima from late August and has since been transformed into support, potentially attracting buyers on a retest.
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