Ethena (ENA) Price Surge: Will It Smash Through $0.95 and Keep Climbing?
Ethena's ENA token is riding a bullish wave—but can it sustain the momentum toward $0.95?
Here's what traders need to know.
The Rally: Real or Just Another Crypto Mirage?
ENA's recent pump has speculators buzzing. The token’s upward trajectory looks strong—until you remember most altcoins bleed harder than a Wall Street intern after bonus season.
Key Levels to Watch
A clean break past $0.95 could signal more upside. Fail, and it’s back to the usual crypto volatility circus.
Either way, buckle up. This isn’t your grandma’s savings account.
- Ethena jumped more than 155% in July, most recently surging 14%, trading at around $0.67.
- Trading volume surged 700% per week to $1.41 billion, indicative of healthy, real demand.
- ENA futures open interest surged by 30% to $1.15 billion, showing bullish trader optimism.
Ethena experienced a remarkable rally in July, soaring over 155% in value. The strong momentum has continued into early August, with ENA rising about 14% in the last 24 hours, currently trading NEAR $0.67. Investors remain cautiously optimistic amid this surge.
The latest on-chain data indicates the price surged due to genuine demand, not speculation. Weekly trading surged by over 700%, climbing to $1.41 billion, the largest in over a year.
High volume in trading typically means high participation, supporting sustainability in prices. Sudden spikes in the trading volume and price of ENA suggest confidence by retail as well as institutional buyers. Such is viewed as bullish for the rally’s continuation beyond the immediate spikes.
Trader Sentiment Boosts Ethena Outlook
Futures data offers a strong signal about trader sentiment. ENA futures open interest now stands at approximately $916.45 million, recorded on August 3, 2025. While slightly below the recent $1.15 billion peak, this figure still reflects a significant influx of capital into the ENA derivatives market.
When price gains coincide with rising open interest, it usually signals bullish momentum. The 30% surge indicates traders expect continued price growth and are gearing up for it accordingly. Rising futures action typically is the forerunner of bigger movements in prices.
The high derivatives market interest provides support for further near-term upside for ENA, but futures markets can turn on a dime, so the investor is wise to stay alert for shifts in sentiment. Overall, this data improves the near-term picture for ENA.
ENA Price Slips Below Key Support
Despite recent strength, ENA is facing some short-term resistance. Currently, it trades around $0.551 with a slight 0.64% decline over the past day. The token’s market capitalization stands at $3.48 billion, reflecting a small drop of 0.69%, but the unlocked market cap remains stable near $3.49 billion.
Trading volumes dropped sharply by 43.56% to $868 million in the last 24 hours. The trading volume drop could be putting the price under downward pressure. Investors appear cautious, waiting for clearer clues before adding exposure.
Crypto analyst Ali Mataniz has been mentioning a crucial technical aspect, ENA fell below a key support at $0.55. Another crucial support is $0.49. Moving below this figure can activate another sharper correction phase, enhancing bearish force by a large margin.
Maintaining a price above $0.49 is crucial for ENA’s ability to bounce back. Failure to hold this floor may open the door to extended losses.
