Ethena’s ENA price maintains its short-term upward trend above critical support levels, despite persistent resistance hindering a clear breakout. Meanwhile, community members are reviewing a governance proposal to activate fee-driven token buybacks once the protocol’s stablecoin supply reaches a targeted milestone.
At the time of writing, ENA is trading at $0.1669 with a 24-hour trading volume of $1.99 million and a market capitalization of $1.63 billion. Following the 1.06% in the last 24 hours, the ENA price structure and network growth point to a bullish reversal ahead.
Source: CoinMarketCap
Also Read: Ethena Price Prediction 2025: Will ENA Hit $1.37 or Crash Below $0.50?
ENA Price Eyes $0.192 as Uptrend Holds
According to More Crypto Online, the ENA price continues to show signs of strength as its short-term uptrend remains intact above the critical $0.122 micro-support level.
The recent rebound from the broader $0.122–$0.151 support zone indicates that buyers are still defending lower levels. Holding this area could keep the bullish structure active and provide ENA with another opportunity to recover.
Source: More Crypto Online’s X Post
However, amid all the excitement, the ENA price continues to face a lot of resistance around $0.192, hence failing to confirm any breakout signal.
The market is now observing if the ENA price will be able to form Wave 4, which can be shown in the blue scenario. The key here will be to preserve $0.122; otherwise, the bullish pattern might not develop.
Ethena Eyes ENA Buybacks as USDe Supply Grows
The data from MSB Intel further highlighted Ethena has announced a governance plan to flip the ENA fees switch on, which can result in establishing a clear connection between the development of the protocol and the increase in token price.
According to the plan, the ENA buyback program will be initiated once the supply of USDe hits the $7.5 billion mark.
Voting on the proposal from the token holders will now be underway, and community management comes into play next.
Assuming that the voting process passes, then implementation will depend on certain conditions, and USDe’s growth will become one of the indicators to be tracked. Investors could also evaluate how buybacks impact the demand for ENA.
Despite the bullish price predictions and strong network growth, the ENA price is moving in a downward direction. However, the general trend in the crypto market is cautious, and a breakout could turn into a fakeout if conditions remain favorable.
What Comes Next?
The next area to consider is the upcoming vote on ENA governance and expansion of USDe supply. Provided that holders vote positively and USDe crosses the $7.5 billion mark, the start of the buyback program may follow. It is important to pay attention to these two events as traders.
Also Read: Ethena Unveils 4 Changes as ENA Buyback Proposal Goes Live
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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