Bitcoin
Ethena Rallies 71% to $0.23 Resistance as Staking Figures Expand
Strong inflows and synthetic stablecoin growth helped propel ENA higher before encountering selling pressure at a previous supply barrier.
Ethena gained 71.14% from its Sept. 14 low of $0.135 to reach a local peak of $0.231, before settling near $0.215. The price rally was supported by fundamental growth within the DeFi protocol, which saw its synthetic stablecoin USDe add $35.8 million to its market capitalization within a single day.
Protocol participation has expanded alongside token performance, with $90 million in ENA staked since Sept. 16, pushing total locked assets earning yield to roughly $1.26 billion. The token previously traded below $0.10 between June and August before crossing resistance at $0.14 and retesting that level as support.
The upward move has met resistance in the $0.22 to $0.26 band, a zone where previous buyers were trapped during January's market movements. Technical assessments point to potential short-term consolidation, with liquidity and former resistance levels situated between $0.171 and $0.188.
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