TLDR
- ENA trades near $0.205 and sits on support at $0.19-$0.20, close to a rising trendline from August.
- USDe is now live on OKX’s X Layer and OKX Wallet.
- About 275 million ENA, worth roughly $56-$57 million, unlocks on Nov. 1.
- USDe TVL fell to about $4.59 billion on Oct. 25, down from $4.98 billion on Oct. 7.
- CoinGecko reported an 8.8% rebound after Arthur Hayes sold 14 million ENA.
Ethena (ENA) is trading around $0.205 on the Oct. 26 daily chart. The token is consolidating after a September rally and an October pullback.
ENA opened near $0.207 and reached about $0.211. It then dipped to roughly $0.201 before recovering, and was down about 1% when the chart was captured.
The price sits close to a rising trendline from August. It is also trading inside a former resistance zone between $0.19 and $0.21.
Chart analysis: ENA bulls need to hold $0.19-$0.20
The $0.19-$0.20 zone has pulled in buyers several times this month. It also lines up with the trendline, so holding it keeps the wider recovery structure in place. A daily close below $0.19 would open the door to $0.17-$0.18, then the September area near $0.15.
Momentum looks flat. The daily RSI is 49.51, almost exactly neutral. MACD sits slightly below zero, but the bearish histogram has narrowed a lot. Bulls need to reclaim $0.22-$0.23 first, with $0.25 next. Watch whether $0.20 holds into the unlock.
USDe expands to OKX
The newest Ethena development is the arrival of USDe on OKX’s X Layer and OKX Wallet. The move gives users another way to access Ethena’s synthetic dollar products.
Ethena’s USDe is expanding to OKX Wallet and X Layer.
The integration will allow USDe to be used on X Layer through Aave V3, with a looping feature planned for OKX Wallet later.
That gives users another route into DeFi lending and borrowing using a synthetic dollar.
But I’d… pic.twitter.com/0YAQVE4VwJ
— That Martini Guy ₿ (@MartiniGuyYT) October 24, 2026
ENA briefly rose on the news before moving back toward $0.20. Ethena has widened USDe distribution through 2026, and USDe and sUSDe are already live on TRON.
The protocol has also expanded the assets behind its delta-neutral strategy to include tokenised equities and equity perpetuals.
Standard Chartered recently began coverage of ENA. The bank forecasts $0.42 by the end of 2026, $1.10 in 2027 and $2 by 2028. Its outlook depends on USDe supply growing well beyond current levels.
CoinGecko reported that ENA rebounded 8.8% after analyst Arthur Hayes sold 14 million ENA tokens, worth about $2.7 million. The post appeared two hours before publication.
The $57M unlock
On Nov. 1, roughly 275 million ENA is set to unlock. At current prices, that is worth about $56-$57 million. It adds liquid supply to the market.
Ethena has also proposed a buyback program funded by revenue. Under it, 95% of net revenue from Ethena-branded businesses would go toward ENA purchases once USDe supply hits $7.5 billion.
USDe supply is still well below that mark. The unlock therefore arrives before any buyback demand begins.
Ethena USDe TVL stood at about $4.59 billion on Oct. 25. That compares with about $4.98 billion on Oct. 7 and $4.90 billion at the end of September.
The broader Ethena protocol holds about $5 billion in TVL. It has earned about $21 million in fees over the past 30 days, and cumulative USDe fees have passed $1 billion.
ENA is trading near $0.20, with the Nov. 1 unlock set to begin in less than a week.
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