Ethena price has been on a steady climb over the past week, trading mostly in the $0.61–$0.72 range. Traders are watching, guessing if September can be the month that ENA breaks over the $1 barrier.
The token has already shown incredible resilience after bouncing back from summer lows, and bulls have unquestionably gained strength.
Open interest is on the rise, and analysts are suggestive of a breakout, which makes ENA one of the altcoins to watch this month.
What you'll learn 👉
What the ENA Chart Is Showing
On the CoinAnk chart, Ethena price has been trending upward since mid-August after bouncing off the $0.22 low earlier this summer. The token even spiked as high as $0.85 before pulling back, and now it’s consolidating just below $0.73.
Trading volume is holding up at around $77 million, showing decent activity in the market.
Open interest is sitting at $367 million, a strong number that suggests traders are keeping positions open.
Net longs, however, remain heavily negative at –$847 million, while net shorts are around $255 million.
That imbalance shows there’s still plenty of bearish exposure in the market, which could actually fuel a sharp move higher if shorts get squeezed.
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Rand’s Bullish Take
Crypto analyst Rand also weighed in, pointing to ENA price strong bounce from key horizontal support. In his words, the chart is setting up for a bullish breakout.
He sees momentum building, and his outlook is that $1 is a real possibility if ENA can hold its ground and push past resistance levels.
Can ENA Break $1 in September?
The main test for ENA now is clearing the $0.85 zone. If buyers can break through and keep volume steady, a move toward $1 becomes likely.
The combination of healthy open interest, solid trading activity, and a short-heavy market could set the stage for a breakout rally.
Of course, the flip side is that if ENA price fails to break higher, those same short positions could drag the price lower again. But for now, the setup looks bullish, and optimism is building around September being the month ENA finally takes a shot at $1.
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