After experiencing a massive downside momentum of almost 50%, the recently launched Ethena (ENA) is once again gathering massive attention from crypto enthusiasts and investors. On May 27, 2024, an on-chain analytics firm, IntoTheBlock, made a post on X (previously Twitter) indicating bullishness for Ethena (ENA).
Ethena TVL jumped by 20%, a bullish indication
According to the post on X, Ethena had been slow for almost the first two weeks of May 2024, but now its TVL (Total Value Locked) is going parabolic again. Additionally, in the last two weeks, the TVL of Ethena has surged more than 20%, and the current TVL value has reached $2.75 billion.
After a slow month, Ethena TVL is going parabolic again. TVL is currently at $2.75B, an increase of nearly 20% in the last two weeks pic.twitter.com/yivqkuenYB
— IntoTheBlock (@intotheblock) May 27, 2024
Before this IntoTheBlock report, on May 25, 2024, Ethena’s founder also made a post on X, highlighting that in the last 16 days, Ethena Labs has added a massive $450 million of USDe supply, or more than the total outstanding for the largest on-chain RWA, BlackRock BUIDL. Following the founder’s post, Arthur Hayes, a co-founder, and ex-CEO of BitMEX, also praised this massive growth of Ethena and made a post on X, stating, “All you haters just keep watching ENA climb up the rankings. Cope harder, bitches.”
Along with the TVL surge, Ethena’s ENA token price also significantly surged from $0.67 to $0.95, which is equivalent to approximately 40%. Looking at this massive price surge highlights investors’, institutions’, and traders’ interest and confidence in Ethena (ENA).
One of the major reasons behind this massive price and TVL surge is the recent approval of a spot Ethereum ETF (Exchange Traded Fund) by the U.S. SEC (Securities and Exchange Commission).
ENA price-performance analysis
Currently, the ENA token is trading near $0.91, and in the last 24 hours, its price has remained stable. However, intraday, it also made an all-time high of $0.968. If we look at the performance of ENA over a longer period, in the last 7 days, it experienced a price surge of over 25%, whereas in the last 30 days, despite lots of uncertainty, ENA’s price is up by 15%.
According to expert technical analysis, ENA is bullish, and currently, it is experiencing a strong resistance level near the $0.95 level. If the ENA daily candle closes above the $0.95 level, then in the upcoming days, ENA could surge more than 55% and also hit the $1.5 level.