StableCoinX Fuels Ethena [ENA] Surge With Aggressive $5M Daily Buy Strategy – Here’s Why It Matters

StableCoinX just lit a rocket under Ethena’s [ENA] price—deploying a $5M daily accumulation plan that’s turning heads. Here’s the breakdown.

### The $5M Pump Play

No subtlety here. StableCoinX’s brute-force buying spree screams confidence—or desperation, depending on which crypto cynic you ask. Either way, ENA’s chart is looking at the sky.

### Why Traders Should Care

Liquidity meets momentum. With this level of institutional muscle flexing, retail FOMO isn’t far behind. Just don’t forget: whales eat first.

### The Fine Print

Another day, another ‘stable’ coin playing hedge fund. At least this one’s transparent about its market manipulation—progress, right?

Key Takeaways

Announcement of the ENA treasury company saw the price climb past the $0.5 resistance level. The daily buying, combined with the market demand, could be enough to drive the rally even higher in the coming weeks.

Ethena [ENA] announced the formation of a new Ethena treasury company, StableCoinX Inc. recently. In a post on X, Ethena Labs explained that they have raised $360 million to purchase ENA. They will also seek to list their stock on Nasdaq under the symbol USDE.

Starting on Monday, 21 July, $5 million worth of ENA will be bought daily over the course of the next six weeks. At its press time price, Ethena Labs noted that $260 million represented 8% of the total circulating supply. The announcement also read,

“Importantly, the Ethena Foundation has the right to veto any sales of $ENA by StableCoinX at its sole discretion. Ideally, tokens will never be sold with a sole focus on accumulation.”

The StableCoinX treasury strategy focuses on a deliberate, multi-year capital allocation approach. This is hugely bullish news for ENA. Especially since it managed to clamber past a resistance zone that has been in play since February.

ENA conquers psychological $0.5 resistance

Source: ENA/USDT on TradingView

The A/D indicator ROSE past a local high from July, and the CMF was above the +0.05-mark. This underlined strong demand for Ethena and significant capital inflow into the market. Additionally, the daily trading volume bars have been well above the 20-day moving average over the past ten days.

The Awesome Oscillator showed hefty bullish momentum too. The 1-day market structure was firmly bullish as well. At press time, the altcoin seemed no longer constrained by the $0.5 resistance.

Its repeated meandering between $0.5 and $0.25 since April highlighted a range formation and a consolidation phase. This has since given way to a bullish trend on the charts.

Source: Coinglass

The 1-week liquidation heatmap revealed that there was a chance of a price retracement to the $0.45-$0.47 zone. This may be the closest magnetic zone of a considerable size.

It coincided with the resistance from February. A retest of the former supply zone may be coming, as demand would offer a good buying opportunity. Finally, investors should be aware of potential volatility around Bitcoin [BTC].

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion