• Ethena price jumps 40% weekly as TVL surpasses $10.50B, with USDe ranking in the top three stablecoins.
• ENA is trading at $0.7890 with $3.91B daily volume, showing strong recovery from recent lows.
• Technical signals remain bullish, RSI at 74.76, MACD crossover, and targets at $0.8741 and $1.02.

Ethena (ENA) has been a phenomenal week with an increase of 40.03% over the last seven days and 4.76% over the last 24 hours. This follows the project reaching a record $10.50 billion of total value locked (TVL) and its synthetic USD unit, USDe, increasing into the top three market size stablecoins.

At the time of writing, ENA is trading at $0.788709, with a daily trading volume of $3.91 billion and a total market value of $5.22 billion, according to CoinMarketCap.

Ethena TVL Soars as ENA Price Recovers

According to data from DefiLama, Ethena’s protocol surpassed the $10.50 billion TVL mark, signaling a significant influx of capital. This surge highlights growing trust and confidence in DeFi products.

The increasing TVL has been mainly driven by the recovery of ENA from recent lows, and signals that increasing money flowing into the protocol has been responsible for the uptick in prices.

Ethena Eyes Higher Targets as Technical Signals Stay Bullish

The technical signals also indicate strong upside momentum. The RSI-14 is 74.76, indicating the market is fast reaching the overbought region, but not an extreme one. The RSI-7 is stronger at 81.81, reflecting good intraday buying pressure.

The MACD has registered a bullish crossover, and the histogram has turned positive at +0.010557 and tends to hint towards more gains in the days to come.

If the rally holds, it might reach $0.8741 (Fibonacci 127.2%) and subsequently $1.02. Blockchain data revealed that $29.8 million of the ENA transferred to the exchange between August 9 and 10 will potentially induce short-term price fluctuations. Downside support levels at $0.5638 and $0.4764 might be reached following a close below $0.7046.

As its TVL stands at an all-time high, USDe achieves a new ranking within stablecoins, and price action gains strength, Ethena is well-positioned, while near-term corrections are still possible.

Also Read | Ethena Targets $0.78 as Ecosystem Growth Gathers Momentum

Ethena Derivatives Market Heats Up with Soaring

Ethena’s (ENA) open interest has moved up 7.84% to $1.48B as trade volume rises 10.81% to $4.64B. This upswing is a sign of new capital entering the market and increasing spot and derivatives participation. Both of these are powering more action in prices and setting up the market for potentially bigger moves.

The OI-weighted funding rate is 0.0124%, indicating a bullish position for leveraged investors. Positive funding indicates more investors think prices will increase and reinforces the current rally. While not yet extreme, repeated positivity might amplify the likelihood of a steeper correction.

Also Read | Ethena (ENA) Eyes $1.50 Target After Bullish Flag Breakout