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.

Ethena (ENA) price has been consolidating in a tight range, and total value locked (TVL) on the platform is starting to climb again. TVL on Ethena has risen to $4.5 billion, according to DeFiLlama.

ENA price is currently trading at $0.3732, down 0.22 over the last 24 hours, according to the Bincance price index.

The price has been moving sideways in a band between $0.35 and $0.40 for several sessions now. The lower band of this range has provided strong support, with multiple lower wicks forming in this zone.

Volume has been moderate, with green candles outpacing red ones, suggesting gradual accumulation.

Technical indicators show neutral momentum, with the stochastic RSI in the middle band and the RSI around 56, leaving room for upside without showing signs of exhaustion.

Prominent analyst CryptoED has also noticed ENA’s resilience at the current support range, which he wouldn’t be surprised to see major pump from soon.

"Might be setting the stage for Ethena to explode. After holding support at this range multiple times, wouldn't be surprised to see a major pump soon. Especially with TVL starting to rise again. Could set up massively for another leg up. Keep an eye on this one."

If Ethena price manages to break above the $0.40 resistance level and close above it cleanly, it could shift the structure from sideways movement to an upward trend.

On the other hand, if the price fails to hold above the support zone around $0.35, it could lead to further consolidation or even a breakdown.

Bankless co-host and prominent crypto analyst, has been closely following ENA’s price action and technical indicators. In his latest X post, he warns that a break below $0.35 could spell trouble for ENA, potentially paving the way for a drop to $0.2.

However, he believes that if the bulls can defend the support at $0.35 and push the price above the key resistance at $0.4, it could open the door for a rally to $0.7 or even $1.

"If Ethena closes below $0.35, the structure will change, and we might see a continuation lower towards $0.2. But if the bulls can hold $0.35 and push the price above $0.4, we could see a continuation higher towards $0.7 or even $1."

As ENA price remains contained within a defined support and resistance zone, traders are monitoring volume, price action, and on-chain metrics to assess whether the token is preparing for another rally similar to its previous moves. A breakout above the resistance level and sustained price increases could indicate further gains, while a failure to hold the support level might signal a reversal.output: Ethena (ENA) price has been consolidating in a tight range, and total value locked (TVL) on the platform is starting to climb again. TVL on Ethena has risen to $4.5 billion, according to DeFiLlama.

Prominent analyst CryptoED has noticed ENA's resilience at the current support range, which he wouldn't be surprised to see major pump from soon.

"Might be setting the stage for Ethena to explode. After holding support at this range multiple times, wouldn't be surprised to see a major pump soon. Especially with TVL starting to rise again. Could set up massively for another leg up. Keep an eye on this one."

At the current level, ENA is still about half the all-time high of over $0.7, which the token hit earlier this year.

ENA price is currently trading at $0.3732, down 0.22 over the last 24 hours, according to the Binance price index.

The price has been moving sideways in a band between $0.35 and $0.40 for several sessions now. The lower band of this range has provided strong support, with multiple lower wicks forming in this zone.

Volume has been moderate, with green candles outpacing red ones, suggesting gradual accumulation.

Technical indicators show neutral momentum, with the stochastic RSI in the middle band and the RSI around 56, leaving room for upside without showing signs of exhaustion.

Bankless co-host and prominent crypto analyst, has been closely following ENA's price action and technical indicators. In his latest X post, he warns that a break below $0.35 could spell trouble for ENA, potentially paving the way for a drop to $0.2.

However, he believes that if the bulls can defend the support at $0.35 and push the price above the key resistance at $0.4, it could open the door