Ethena (ENA) price prediction: Continuous favourable information in July has driven the coin price to rise 134%. Will the upward momentum continue?

The crypto assets synthetic US dollar protocol Ethena performed impressively in July: TVL big pump 50% surpassing 8.4 billion USD, platform revenue doubled, whales heavily bought 79.25 million ENA, on-chain volume surged. Driven by the favorable information of mainstream CEX launch in South Korea, StablecoinX's massive repurchase, and compliance milestones, the ENA coin price astonishingly rose 134% within the month, with technical indicators showing long positions in favor but caution is needed for short-term overbought pullback risks.

【TVL surged 50%, capital inflow skyrocketed】 According to DeFiLlama's on-chain data, the total locked value of the Ethena protocol (TVL) experienced an astonishing growth in July, reaching 8.44 billion USD by the end of the month, a significant surge of nearly 50% compared to the 5.46 billion USD at the beginning of the month, demonstrating the strong growth momentum and user attraction of this DeFi protocol. The platform's fee income also rose correspondingly, jumping from 19.96 million USD in June to 36.05 million USD in July. Even more noteworthy is the inflow of USD, which skyrocketed from 47 million USD in June to 2.96 billion USD in July, indicating that a large amount of incremental capital is flowing into the Ethena ecosystem.

[Whales massively increase holdings, on-chain volume big pump] Crypto analyst Ali Martinez pointed out on July 31 on the X platform that the giant whale wallet addresses have been unusually active recently. Data shows that in the past week, whales have accumulated a total of up to 79.25 million ENA tokens. Along with the whales' buying behavior, the on-chain trading volume of ENA has also seen explosive growth, skyrocketing from 6 billion dollars in June to 27 billion dollars in July. This large-scale whale movement clearly conveys the strong confidence that big holders have in the future prospects of Ethena. Driven by this, the price of ENA tokens has risen by 6% in the past 24 hours, with a weekly increase of 31%, and the cumulative increase over the past month has reached an astonishing 134%, making it one of the best-performing crypto assets recently.

[Favourable Information in July Drives ENA big pump] Ethena's rapid growth momentum in July is attributed to several key developments:

1. Major Exchange Launch: On July 11th, ENA successfully landed on South Korea's largest crypto asset exchange, significantly enhancing its market exposure and liquidity, attracting a large number of Korean crypto users' attention.
2. Massive Buyback Plan Stimulates Demand: On July 21, StablecoinX raised $360 million to purchase ENA tokens, of which $260 million is specifically allocated for a token buyback and burn plan. The demand shock caused by this buyback plan is expected to significantly increase the value of ENA tokens.
3. Compliance Milestone Enhances Trust: On July 24, Ethena announced a partnership with Anchorage Digital to make its synthetic dollar USDt₿ one of the first stablecoins compliant with the U.S. GENIUS Act. This significant regulatory compliance advancement is expected to greatly enhance market confidence and promote wider adoption.

[ENA Price Technical Analysis: Strong Uptrend, Beware of Overbought]

(Ethena Daily Chart | Source: crypto. news) From the technical perspective of cryptocurrency trading, ENA is currently showing a strong rise trend:

• Price Trend: The current price is trading around $0.62 after testing the resistance level and continues to move towards the upper Bollinger band, indicating that bullish momentum is still present.
• RSI Indicator: Relative Strength Index (RSI) is currently at 68.92, in a neutral range but close to the overbought boundary (70+). If the RSI continues to rise above 70, it may indicate a weakening of the upward momentum or a short-term pullback.
• Moving Average System: ENA price is stably operating above several key exponential moving averages (EMA). The 10-day moving average is at $0.573, and the 50-day moving average is at $0.414. This bullish arrangement of moving averages strongly supports the overall bullish outlook.
• Key Level Analysis:
  • If it can effectively break through the key resistance range of 0.70 – 0.75 USD, it will confirm the continuation of the pump trend, and the price is expected to further test 0.80 USD or even higher.
  • If the price falls below the psychological level of $0.60, especially with the RSI indicator also declining, it may indicate the start of a pullback. The first important support level after breaking is the 50-day moving average near $0.50.

Conclusion: The Ethena protocol achieved explosive growth in its ecosystem and ENA coin price in July, thanks to a surge in TVL, support from whales, and multiple substantial favourable information (listing on mainstream Korean CEX, massive buybacks, compliance breakthroughs). Strong technical indicators show that the upward trend remains intact, but the RSI approaching the overbought zone suggests that caution is needed for short-term chasing. Investors should pay close attention to the breakout situation of the resistance area at 0.70-0.75 USD and the defense strength at the support level of 0.60 USD, while closely monitoring the on-chain whale movements and the overall crypto assets market sentiment.