- Whale accumulation boosts confidence as ENA holdings hit 855 million tokens
- Ethena’s TVL jumps 50% in 30 days, topping $8B despite DeFi market volatility
- ENA’s RSI hits 74.91, suggesting overbought levels and potential short-term pullback
Ethena (ENA) has been making headlines as it shows impressive strength in both price action and on-chain data. With the market heating up, investors are wondering if August could bring even bigger gains. Recent activity from crypto whales and a surge in Total Value Locked (TVL) strongly point toward rising confidence in Ethena’s future.
Whale Activity Signals Confidence
From July 9 to July 28, ENA rallied from below $0.50 to a peak near $0.69. During this run, whale wallets holding between 100,000 and 10 million ENA increased their holdings to over 855 million tokens.
This trend suggests major players have renewed confidence in the asset’s long-term potential. Martinez notes that a single week saw 79.25 million ENA tokens shift into these large wallets, boosting market enthusiasm.
Whales have accumulated 79.25 million Ethena $ENA in the past week! pic.twitter.com/bD8NAthAwu
— Ali (@ali_charts) July 30, 2025
Besides this accumulation, Ethena’s total value locked (TVL) soared past $8 billion, according to DefiLlama. That’s a 50% gain in 30 days, a notable achievement given broader DeFi volatility. This growth highlights increasing user adoption and usage of the Ethena ecosystem.
Ethena TVL has risen 50% in the past 30 days to surpass $8b. pic.twitter.com/DQyrGvfGun
— DefiLlama.com (@DefiLlama) July 30, 2025
Technical Signals Flash Mixed Sentiment
The current price of ENA sits at $0.6635, up 14.86% in the last 24 hours. Over seven days, ENA has climbed 49.57%. With a circulating supply of 6.4 billion tokens, the current market cap is over $4.2 billion.
On the technical front, the MACD remains bullish. The MACD line (0.0846) continues to rise above the signal line (0.0716), supported by a positive histogram.
However, the RSI stands at 74.91, placing the asset in overbought territory. While this could hint at a short-term correction, strong uptrends often keep RSI levels elevated longer.
August Outlook: A Critical Zone Ahead
While the recent rally shows strength, algorithmic forecasts suggest a potential dip. Coincodex analysts predict a price decrease to around $0.52, with a projected range between $0.46 and $0.66. If these predictions play out, short-sellers could see gains exceeding 30%.
