Is Ethena (ENA) Price About to Explode? This Key Metric’s Surge Signals a Potential Breakout
Ethena is back in the spotlight, and for good reason. Two key things are catching traders’ eyes right now: ENA price is consolidating in a tight range, and the total value locked (TVL) on the platform is starting to climb again. According to data from DeFiLlama, TVL has picked up after a recent dip, which has led many to believe that a breakout could be just around the corner.
One of those watching closely is prominent analyst CryptoED. On X, he pointed out that ENA seems to have found solid support at its current range and added that he wouldn’t be surprised to see a major pump soon. That’s now looking more likely as the numbers start to back it up.
DeFiLlama’s data shows Ethena’s TVL has grown to around $4.5 billion. While that’s still below the high of over $6 billion seen earlier in 2025, it’s a clear rebound. Looking further back, TVL shot up from nearly nothing in early 2024 to more than $4 billion by July, before cooling off in September. Then came another surge between October and January, taking TVL past $6 billion once again.
Now, this latest uptick could be the start of another upward cycle. In the past, TVL growth has often led to more trading interest and price momentum, and that’s exactly what CryptoED is hinting at. If support holds and capital continues to flow in, ENA price might be setting the stage for its next big move.
What you'll learn 👉
ENA Price Consolidates Near Resistance Zone
On the daily chart, ENA is trading at $0.3732, moving within a tight range between $0.35 and $0.40. This price zone has held for several sessions, indicating strong buyer presence near the lower band. The candlestick formation reflects a phase of consolidation that typically precedes either a breakout or a breakdown.
Volume has been steady, with green candles outpacing red ones, suggesting gradual accumulation. Technical indicators also support this setup. The stochastic RSI shows neutral momentum, while the Relative Strength Index hovers around 56. This positioning leaves room for upside without showing signs of exhaustion.
Read Also: Is Kaspa Price Ready for a June Rally? These Signals Say Yes
Analysts Monitor Key Levels for Breakout Potential For ENA
Traders are closely watching the $0.40 resistance level. A clean break above this price could shift the structure from sideways movement to an upward trend. The support zone near $0.35 has already acted as a base multiple times, making it a focal level in the current setup.
According to CryptoED, this support range remains intact. The tweet emphasizes that the current structure may lead to a major pump if demand continues. Rising TVL further reinforces this view, as capital inflows often correlate with higher trading activity and investor confidence.
What Comes Next for ENA?
If Ethena price breaks above $0.40 and TVL sustains its upward trend, market conditions may favor a bullish continuation. However, failure to breach this resistance could result in further consolidation or short-term weakness. For now, traders are tracking volume, price action, and on-chain metrics to assess whether ENA is preparing for another rally similar to its previous moves.
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