Ethena price rose to its highest point in over two weeks as its total value locked (TVL) and revenues jumped to a record high.
Summary
- Ethena price could jump by 80% this year as its total value locked soars.
- It has jumped to over $12.8 billion, up from the year-to-date low of $5 billion.
- StablecoinX is raising more money to accumulate more ENA tokens.
Ethena (ENA) token jumped to $0.7660, up by over 230% from its lowest point this year. This recovery pushed its market cap to over $5.8 billion and its fully diluted valuation to $11.1 billion.
Ethena price has jumped amid the ongoing ecosystem growth, with the total value locked soaring to a record high of $12.85 billion, much higher than the year-to-date low of $5.5 billion. Its TVL has been on an upward trajectory since 2024, when it started the year at $79 million.
The TVL is driven by its USDe synthetic stablecoin that is held by almost 800k users and has an annual return of 7%, higher than the government bond yield of 4%.
This growth has led to more fees and revenue in the network. Its fees in the third quarter so far is $109 million, higher than the $27 million it made in the same quarter last year. Its revenue so far is $7.65 million, up from $1.15 million in Q2.
ENA price has also jumped amid the ongoing accumulation by StablecoinX, which is raising $530 million. It has already raised $895 million in financing, which will see it add over 3 billion tokens to its balance sheet.
StablecoinX Inc. @stablecoin_x has announced an additional $530 million capital raise as part of its $ENA accumulation strategy.
To date, StablecoinX has raised a total of approximately $895M in PIPE financing, which is expected to result in a vehicle with over 3 billion ENA… pic.twitter.com/pdkl1D8u5x
— Ethena Labs (@ethena_labs) September 5, 2025
These acquisitions will boost ENA’s demand at a time when whales have continued to accumulate it. They now hold 57 million ENA tokens, up by over 32% in the last 30 days.
Ethena price technical analysis
ENA price chart | Source: crypto.news
The daily timeframe shows that the ENA price has strong technicals that may push it much higher in the coming weeks. It has formed a double bottom pattern at $0.2490 and a neckline at $0.4570.
The coin formed a golden cross pattern in July as the 50-day and 100-day moving averages crossed each other. Most recently, it has formed a bullish flag pattern and has moved above the upper side of its channel.
Therefore, the token will likely have a strong bullish breakout, with the initial target being at $0.8595, the upper side of the flag. A move above that price will push it to the resistance point at $1.3255, its highest point in November last year, which is about 80% above the current level.
