Ethena (ENA) saw a significant price surge, climbing to an intraday high of $1.07, marking a notable break above the key $1 resistance level for the first time in over a week. The token’s rise comes amid increased annual revenue and a high-profile investment move by a Chainlink whale.
According to blockchain data provider LookOnChain, the whale converted 84,370 Chainlink (LINK) tokens—worth approximately $1.9 million—into ENA tokens, signaling confidence in Ethena’s long-term potential. This move suggests the whale may expect Ethena to outperform Chainlink or is simply looking to diversify its crypto holdings. Despite the switch to ENA, the whale still holds $2.2 million in Chainlink tokens and maintains a portfolio of assets valued at $18 million, which includes cryptocurrencies such as Pepe, Auki, Music, Groyper, and Ethereum, as reported by DeBank.
Ethena has garnered attention in the cryptocurrency space as a growing force, particularly with its stablecoin, Ethena USDe, which has amassed over $5.8 billion in assets, making it the third-largest stablecoin, after Tether and USD Coin. USDe stands out for its higher yields, offering an annual return of 10%, far surpassing traditional bonds.
In addition to its stablecoin success, Ethena has expanded its product offerings, with the launch of USDtb in December—a stablecoin backed by BlackRock’s BUIDL Fund. USDtb has already accumulated over $70 million in assets, solidifying its strong market reception.
Ethena’s profitability is also noteworthy. The network has generated over $223 million in fees within just eight months, according to TokenTerminal, underscoring its rapidly growing influence in the industry.
Technical indicators for ENA are also pointing toward continued growth. The daily chart reveals a bullish pennant pattern, which is often followed by upward price movement. This pattern, coupled with a Cup and Handle formation that has been developing since June 2024, suggests that Ethena could see further gains. If the pattern plays out as expected, ENA may be poised to surge towards $2 during the ongoing crypto bull market.
Related topics:
Ukraine Prepares Sanctions Over Russia’s Bitcoin Use in Foreign Trade
Web3 Smart Ring Developer CUDIS Teams Up with Californian Sports Giant
Web3 Developers: Building Tribes Over Tools in the Meme Coin Era
