TLDR: ENA rallied 277% from its July low, trading above key moving averages near $0.30 resistance. Roughly $90 million in ENA was newly staked, pushing total locked supply near $1.26 billion.
Ethena’s ENA token climbed to $0.269, marking a 277% increase from its July 1 low of $0.071. The token trades above both its 7-day and 30-day moving averages, a bullish technical signal.
ENA gained 31.6% over the past week alone. Stablecoin market capitalization tied to the protocol rose by $35.8 million in a single day. Traders now watch the $0.30 resistance level as a potential turning point for Ethena’s next price move.
Roughly $90 million worth of ENA was newly staked over the recent period, according to data shared by 10x Research. This pushed the total locked supply of the token to nearly $1.26 billion.
ENA is at $0.269, up 277% from its $0.071 low on Jul 1.
What is going on?
*** Ethena (ENA-USDT is above the 7-day moving average -> bullish, and is above the 30-day moving average -> bullish, with 1 week change of +31.6%)
*** Adding $35.8 million in stablecoin market cap in a… pic.twitter.com/vIifRa7XHl
— 10x Research (@10xResearch) September 26, 2026
The increase in staked supply suggests holders are choosing to lock tokens rather than sell into the rally. A growing staked base can reduce circulating supply available for trading. This dynamic often supports price stability during periods of heightened volatility.
Binance Wallet also introduced a new incentive tied to Ethena’s stablecoin, USDe. Through its Hold to Earn program, users can now access up to 4.75% annual percentage yield simply by holding USDe.
The offering gives everyday Binance users a direct incentive to hold the stablecoin. This expands USDe distribution beyond DeFi-native audiences into the broader retail base.
Separately, Ethena’s community is reviewing a major governance proposal. The proposal calls for a fee switch that would direct up to 95% of net protocol revenues toward ENA token buybacks.
If approved, the mechanism would tie protocol earnings more directly to token holders. Buyback programs of this kind have historically supported token valuations across the sector.
Ethena announced a partnership with Binance to extend its basis trade strategy into equity perpetuals. The move represents one of the biggest updates to USDe’s collateral backing since the stablecoin launched.
Ethena stated the partnership expands its addressable collateral market from roughly $2.5 trillion in crypto assets to more than $150 trillion in real-world assets. This shift opens the door to a substantially larger pool of backing assets.
Ethena is partnering with @Binance as our first venue for the extension of the basis trade into equity perpetuals, one of the most exciting updates to the USDe collateral backing since launch.
This expands the addressable market of underlying collateral from $2.5 trillion of… pic.twitter.com/be4Mz7XHk1
— Ethena (@ethena) September 25, 2026
Under the arrangement, bStocks will function as tokenized spot collateral. These positions will be hedged using Binance’s USDT-denominated equity perpetual contracts.
Ethena described this as the same delta-neutral structure it has used across crypto assets since inception. Binance is also providing lower auto-deleveraging priority for eligible delta-neutral accounts, including Ethena’s own positions, adding a layer of risk mitigation for USDe holders.
Binance’s equity basis has averaged more than 11% annualized over the past six months. Open interest in that market has grown by roughly 30% per month over the last three months.
Ethena expects the equity perpetuals opportunity to eventually surpass the $15 billion in crypto perpetuals it captured during the previous market cycle. Allocations under the new partnership began immediately following the announcement.
Independent analyst Giannis Andreou described $0.30 as a decisive level for ENA’s next directional move. The token was trading just below that resistance following its recent rally.
Andreou noted that a confirmed break and hold above $0.30 would strengthen the bullish case for further gains. He pointed to $0.36 as the next potential target if that breakout materializes.
$ENA IS AT A MAJOR DECISION POINT$ENA is now trading right below the $0.30 resistance after a strong move higher.
For me, this level decides the next big move.
If ENA breaks $0.30 and holds above it, I see a higher-probability path toward $0.36 first, with room for much… pic.twitter.com/BzKY7QK79a
— Giannis Andreou (@gandreou007) September 26, 2026
Andreou placed roughly 70% probability on the bullish breakout scenario continuing to play out. He said momentum could carry ENA well beyond the $0.36 mark if buying pressure persists. Sustained volume above resistance would likely be needed to confirm this path.
On the other hand, Andreou assigned about 30% probability to a deeper correction. He identified $0.263 as the key support level to watch on the downside.
A drop below that threshold would weaken the current setup and open room for a more pronounced pullback in ENA’s price.
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