- Ethena (ENA) nears $1 as TVL jumps past $10B and momentum builds.
- Golden Cross and bullish signals point to further upside.
- Buybacks, whale activity, and USDe growth drive demand.
The price of the native token of Ethena, ENA, has risen sharply over the past few days, and traders are taking note.
Moreover, the protocol’s total value locked has surged past $10 billion, which has added fresh momentum to the rally.
Ethena’s TVL surges past $10B
According to DefiLlama data, Ethena’s TVL has jumped to roughly $10.979 billion. The protocol’s revenue has also climbed sharply, with weekly USD inflows rising materially in recent weeks.
Additionally, Ethena’s synthetic dollar USDe now sits among the largest stablecoins, with an estimated market cap north of $10.2 billion.
Notably, the high APY on USDe and its cross-chain expansion have attracted both retail and institutional liquidity.
Technical analysis signals a bullish run
From a technical analysis standpoint, the charts are aligned in favour of bulls after a classic golden cross formed, with the 50-day EMA crossing above the 200-day EMA.
Additionally, momentum indicators support further gains, with the Relative Strength Index (RSI) rising and a bullish Moving Average Convergence Divergence (MACD) crossover in place.
Adding to the bullish scenario, the price action also shows higher highs and an ascending channel, which traders regard as a durable bullish structure.
However, some caution is advised, seeing that the RSI has entered the overbought region.
Token buybacks strengthen the bullish case
Moreover, Ethena’s tokenomics include a $260 million buyback f