Rita Dfouni
- Ethena’s TVL surged to $8.44B in July, marking a 50% monthly gain.
- Whales accumulated over 79M ENA as volume hit $27B.
- ENA trades near $0.62 with RSI at 74.84 — key resistance at $0.70.
Ethena’s total value locked (TVL) surged from $5.46 billion to $8.44 billion in July, marking a 50% monthly increase and reinforcing its growing presence in the DeFi ecosystem. According to DeFiLlama, this rise in TVL coincides with significant inflows and increased protocol usage, indicating expanding investor confidence and deeper liquidity.
The platform’s revenue also grew sharply over the same period, with fees increasing from $19.96 million in June to $36.05 million in July. More notably, capital inflows spiked from $47 million to $2.96 billion, reflecting strong demand from new capital entering the ecosystem. The protocol’s growth momentum is further supported by rising whale interest. On-chain analyst Ali Martinez reported that 79.25 million ENA tokens were accumulated by large holders in the last week of July alone. This surge in accumulation was accompanied by a fivefold jump in trading volume, from $6 billion in June to $27 billion in July.
Technical outlook: ENA maintains bullish structure but faces key resistance
Ethena is holding above $0.60 support after a 134% monthly rally, with bullish momentum intact. Price remains above the 10- and 50-day EMAs, while RSI hovers near overbought at 74.84. A breakout above the $0.70–$0.75 resistance zone could trigger a push toward $0.80, while a drop below $0.60 may lead to a short-term correction toward the $0.50 level.
A number of catalysts helped accelerate Ethena’s rise throughout July. On July 11, ENA was listed on Upbit, South Korea’s largest cryptocurrency exchange, opening up access to one of the most active crypto trading regions in Asia. Ten days later, StablecoinX revealed it had raised $360 million to support ENA purchases, allocating $260 million to an ongoing buyback program — a move that introduced significant positive pressure on token demand. Then on July 24, Ethena partnered with Anchorage Digital to ensure its synthetic dollar, USDtb, became one of the first stablecoins compliant with the U.S. GENIUS Act, signaling strong regulatory alignment and potentially broadening adoption.
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From a technical perspective, ENA is currently trading around $0.62, comfortably above both the 10-day and 50-day exponential moving averages, which sit at $0.573 and $0.414 respectively. The price action remains firmly bullish, although the Relative Strength Index is at 68.92, nearing overbought territory. If ENA breaks decisively above the $0.70 to $0.75 range, momentum could push the token toward the $0.80 mark. However, any failure to hold above the $0.60 threshold — particularly if accompanied by declining RSI and volume — may lead to a short-term correction, with the 50-day EMA around $0.50 acting as key support.
