Ethena’s native token ENA, has seen renewed interest in recent days, and Binance has announced the listing of the project’s fast-growing stablecoin, USDe.
The listing of the USDe stablecoin marks a major milestone for Ethena and comes as analysts debate whether ENA can overcome heavy whale selling pressure to secure a rally toward the $1 mark.
USDe listing on Binance
Binance announced that trading for Ethena USDe began on September 9 with USDE/USDC and USDE/USDT pairs now live on the exchange.
Withdrawals are scheduled to open on September 10.
Notably, USDe has already established itself as the largest non-fiat-backed dollar asset with a supply exceeding $12 billion, backed by crypto reserves such as Bitcoin (BTC) and Ethereum (ETH).
USDe’s arrival on the world’s biggest exchange signals growing institutional recognition for Ethena’s model and offers traders new ways to interact with the synthetic dollar ecosystem.
Market reaction and ENA’s price rebound
At the time of the listing, ENA was trading at $0.8369, with daily volumes surpassing $400 million.
The token has seen a sharp rebound from a low of around $0.61 towards the end of August.
Over the past week, the token’s price has risen by more than 19%.
Over the past year, ENA has surged by more than 280%, though it remains well below its all-time high of $1.52 recorded in April 2024.
Whale selling clouds optimism
Despite the positive signals, whale activity has created persistent headwinds.
On-chain data shows that more than 140 million ENA have been sold by large holders in recent weeks, including a 34 million ENA deposit into Binance worth $22.6 million.
Whales sold over 140 million Ethena $ENA!
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A single wallet transferred 5 million ENA, valued at nearly $4 million in one transaction, fueling concerns of distribution.
Such heavy inflows to exchanges are often interpreted as preparation for selling, and this supply-side pressure has tested buyers’ resilience.
Still, retail and mid-tier investors have been active in absorbing these sales, with liquidation data suggesting more than $500,000 worth of short positions were wiped out in a day.
The short squeeze probably provided bulls with a tactical advantage, and this momentum could persist if technical patterns confirm the shift.
Technical analysis hints at continuation of the bullish trend
Charts show a clear cup-and-handle formation, a bullish structure historically linked with continuation breakouts.
There is also a completed bull flag pattern, with upside targets between $1 and $1.50, and a stretch goal of $2 if momentum accelerates.
$ENA BULL FLAG BREAKOUT DONE WITH MULTIPLE CANDLE CLOSED!
1$ SHOULD BE NEXT EASILY! THEN WE TARGET 1.5$ AND 2$ NEXT!!
#ENA #ENAUSDT #CRYPTO
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However, the resistance at $0.77 and $0.85 remains a critical hurdle, while support near $0.65 provides a safety net for bulls.
Well-known market commentators Altcoin Sherpa argue that ENA’s recent price action could set the stage for a sustained rally if volume remains strong.
Community discussions also reflect growing confidence with predictions hinting at the possibility of ENA hitting $1 if it breaks above $0.9186, though some sceptics warn that whale inflows may cap upside potential in the near term.
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