Ethena’s ENA token has climbed almost 8% in 24 hours to trade near $0.21, despite further selling linked to BitMEX co-founder Arthur Hayes.
ENA reached $0.2108 during the 24 hours to Monday, 26 October, after falling as low as $0.1887. It was trading at about $0.207, with daily trading volume near $420m and a market capitalisation of approximately $2.77bn, placing it among the 40 largest cryptocurrencies.
The recovery comes after a difficult month for the token, which remains about 22% lower over 30 days. ENA is also up roughly 9% over the past seven days, while its share of cryptocurrency-related social media discussions reached a 30-day high of 0.41%.
There has been no confirmed new protocol announcement behind the rise. Instead, traders appear to be reassessing ENA’s technical position following its decline from almost $0.30 in September to about $0.19.
Hayes announced on X on 24 October that he had closed the Maelstrom directional trading book after taking profits on Ethereum, ENA, Uniswap and other tokens.
“I think we gotta go down to go up,” Hayes wrote, referring to uncertain macroeconomic and geopolitical conditions before saying he would remain on the sidelines.
Blockchain tracker Lookonchain later reported that Hayes had sold about 14 million ENA worth $2.73m. A previous breakdown of Hayes-linked transactions reported by crypto.news on 24 October indicated total cryptocurrency sales of $22.28m, including a separate 14 million ENA holding valued at $2.76m.
Those wallet-tracking figures indicate continuing selling pressure, although they do not independently confirm the execution price or final proceeds for every transfer.
Analysts divided over ENA recovery
Crypto analyst Alpha Crypto Signal said ENA could be forming a breakout after rebounding from a former resistance level that had become support. The analyst also identified a possible move above a descending trendline on a higher-timeframe chart.
CryptoBullet took a more cautious view, saying ENA’s fourfold rise between July and September could require a longer correction before another sustained advance. The analyst highlighted $0.122-$0.172 as a possible buying zone if the price falls further, describing the potential consolidation as a flat corrective pattern.
On the daily chart, ENA is trading close to its 20-day simple moving average at $0.2051. Bollinger Band levels put resistance at about $0.2302 and lower support near $0.1801.
A sustained move above $0.21 could bring $0.23 into focus, followed by $0.25 if that level is cleared. Immediate support is around $0.20, with $0.18 below it. A break beneath both could expose ENA to $0.16.
Momentum remains mixed. The MACD line is at -0.0031, compared with a signal line of -0.0026, while the histogram is -0.0005. The narrowing gap suggests selling pressure is easing, but a bullish crossover has not yet formed.
Ethena’s token economics
Traders are also assessing Ethena’s future token economics. In August, Ethena proposed allocating 95% of net revenue from its branded businesses to recurring ENA buybacks once USDe supply reaches specified thresholds, beginning at $7.5bn.
The proposal does not represent completed purchases, as any future buybacks would depend on qualifying revenue and the stated supply conditions.
Standard Chartered has previously outlined a $2 forecast for ENA by the end of 2028, partly based on Ethena’s stablecoin business, tokenised assets and proposed revenue-linked purchases.
In September, Ethena expanded USDe’s applications into tokenised equities after its Risk Committee approved selected tokenised stocks and equity perpetual futures as part of the stablecoin’s backing strategy.
This article is not investment advice. The content is for educational purposes only.
