
Ethena has emerged as one of the standout performers in the DeFi space this July, surprising the market with its explosive growth.
Its native token, ENA, surged over 135% within the month, while the platform’s total value locked (TVL) jumped by an over 50%, crossing the $8.679 billion mark.
With bullish momentum building, investors are now asking whether ENA can sustain its uptrend through August, or if this rally is merely a temporary spike.
ENA surged on whale activity and exchange listings
Ethena’s price rally did not occur in isolation. Whale investors significantly influenced the uptrend by accumulating over 79 million ENA tokens in late July.
This large-scale accumulation was followed by a surge in ENA trading volume, which rose from $6 billion in June to a massive $27 billion in July.
Another key event that boosted the token’s profile was ENA’s listing on Upbit, South Korea’s largest crypto exchange.
The listing not only expanded Ethena’s market reach but also enhanced its liquidity.
This development likely played a critical role in encouraging both retail and institutional interest in the token.
The token’s performance has also been supported by a wave of positive sentiment following major protocol updates.
On July 21, StablecoinX announced a $360 million fund, with $260 million allocated for buying back ENA tokens.
This move created a demand shock that added further momentum to the price rally.
TVL and USDe adoption have driven fundamental growth
While price gains are often met with scepticism, Ethena’s rising fundamentals paint a different picture.
Its TVL increased from $5.46 billion to $8.679 billion within just one month, signalling strong user confidence and growing platform adoption.
This 50% monthly gain also coincided with a sharp rise in platform fees, which climbed from $19.96 million in June to over $36 million in July.
One of the most important catalysts for this growth is the increasing adoption of Ethena’s synthetic dollar, USDe.
Unlike traditional stablecoins, USDe operates without fiat reserves or overcollateralization.
This makes it a more capital-efficient solution, attracting a growing number of DeFi users seeking stable yet flexible alternatives.
In addition, Ethena’s partnership with Anchorage Digital on July 24 marked a significant regulatory step forward. The collaboration enabled USDe to comply with the US GENIUS Act, a move that could open doors for more institutional participation soon.
Ethena price action points to a critical support level
Despite the bullish sentiment, ENA faces a critical test in August. The $0.60 price level has emerged as a strong psychological and technical support.
Currently, the token trades slightly above this mark, having recently tested resistance levels between $0.70 and $0.75.
Technical indicators suggest that ENA remains in an overall uptrend.
The token trades well above both its 10-day and 50-day exponential moving averages on the daily chart, confirming the strength of the current trend.

However, traders should watch the relative strength index (RSI), which is hovering around 65.
If the RSI returns to overbought territory, it could signal a potential slowdown or correction, particularly if the price action falls below $0.60.
Should this occur, the next key support would be the 50-day EMA near $0.50.
The post Ethena price forecast for August amid the rising TVL and USD inflows appeared first on Invezz
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