Ethena (ENA) is having a strong day in the market. The ENA price is up 13% and trading around $0.2721, while trading volume has jumped nearly 70%.
That boost has pushed ENA into the top gainers list today, and most of the momentum is coming from a mix of fresh partnerships, whale buying, and a clean breakout on the chart.
The biggest catalyst comes from Ethena new partnership with Hyperliquid, which is integrating Ethena’s USDe stablecoin into its platform.
This opens new yield and trading strategies, which directly increases demand for USDe – and naturally, interest in ENA as well. Ethena already reported $151M in Q3 protocol fees and $599M total revenue, so every new integration strengthens the system further.
Another major factor is whale activity. A single wallet bought 25 million ENA (worth $6.7M) on November 25, bringing their total holdings to 285 million ENA. Big buying like this usually signals high conviction, especially since the wallet is holding at an unrealized loss – suggesting they’re aiming for long-term upside rather than a quick trade.
🐋 WHALE ALERT: A wallet potentially linked to Ethena Labs just bought 25M $ENA from Bybit.
— Cointelegraph (@Cointelegraph) November 25, 2025
The wallet currently holds 285.15M $ENA worth $76.46M. pic.twitter.com/GyNapNXg7M
And to top it off, the technical picture finally flipped bullish. The ENA price broke through a long downtrend that has been holding price down for weeks. Analyst Clifton Fx highlighted the move, calling the breakout “confirmed” and expecting a bigger rally from here.
What the ENA Chart Is Showing
The 4H chart shows a clear shift. The Ethena price pushed above the descending trendline for the first time since early October. Volume picked up at the breakout, the MACD turned positive, and RSI climbed out of oversold conditions into a healthier mid-range.
This is the first proper trend break the token has seen in a while, and traders are reacting exactly as expected – by stepping in early. If ENA stays above the breakout zone, momentum could build quickly.
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However, if today’s strength continues, the ENA price could work toward the next key levels around $0.28 and then $0.32. A push toward the bigger resistance at $0.346 becomes realistic if volume keeps rising.
If the breakout fails, ENA could slip back toward the previous range, but for now the structure looks cleaner than it has in months.
Moreover, partnership momentum, whale accumulation, and a confirmed technical breakout all point to improving confidence. The Ethena price finally has some breathing room – and the market is starting to react to it.
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