Immy Dorse 
It’s been a pretty solid week for Ethena’s ENA token. Honestly, the numbers are hard to ignore. The token gained over 20% in the past seven days, pushing its price up to around $0.84. Daily trading volume is sitting at a hefty $1.44 billion, which is nothing to sneeze at. That kind of activity usually means people are paying attention, for better or worse.
Of course, after a run like that, you have to wonder how long it can last. Some traders are probably looking to take some money off the table. Analyst Altcoin Sherpa mentioned that while he’s still holding, taking some profit around these levels might not be a bad idea. He still thinks it’s got room to grow in the mid-term, though. It’s that classic debate: greed versus caution.
Testing Key Resistance
Right now, the big question is whether ENA can push past that $0.85 mark. That seems to be the immediate resistance level, and it’s acting like a bit of a ceiling. If it can break through, things could get interesting. If not, well, a pullback might be in the cards.
The good news is there seems to be a solid floor underneath. Support is holding firm near $0.70, with some deeper cushions around $0.61 and $0.53 if things get shaky. The buying activity has been strong, with those green volume bars showing decent demand. It doesn’t feel like a pump-and-dump, at least not yet.
What’s Driving the Momentum?
A couple of things seem to be fueling this. There’s talk about token buybacks, which can naturally put upward pressure on the price by reducing supply. And then there’s the Binance listing of USDe. That’s a big deal—it brings a lot of eyes and credibility to the whole Ethena ecosystem. Their total value locked has shot past $13 billion, which is a massive number. That kind of growth tends to make people optimistic.
Some analysts are getting really bullish. One, going by Rand, pointed to the buybacks as a trigger for a “bullish breakout.” Another, Finish, called everything under $1.10 “cheap,” suggesting a run toward a new all-time high is possible.
Looking Further Out
The longer-term charts are painting a positive picture, too. The token has managed to hold above a previous resistance zone, which has now flipped to support. That’s usually a good technical sign. The pattern of higher lows and higher highs is intact.
One analyst, Crypto Patel, noted his position is already up 270% but he still sees potential for more. His targets are ambitious—$1.25, then $2.60, and even a possibility of $5.00 down the line. That’s a huge range, of course. It all seems to hinge on ENA holding above that $0.68 level. If it does, and the momentum stays, who knows.
It’s crypto, so anything can happen. But for now, the trend is definitely pointing up.