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Will August Be Even Bigger for Ethena (ENA)?

Jonathan Carls by Jonathan Carls
July 31, 2025
in Market, News, Price Analysis
Reading Time: 3 mins read
Will August Be Even Bigger for Ethena (ENA)
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  • 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. 

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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.

ENA/USD daily price chart, Source: TradingView

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%.

Tags: Ethena (ENA) NewsPrice Analysis

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