Ethena’s $0.65 Tango: Revenue Soars, Tokens Flee 🕺💸

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Ethena’s price, that fickle dancer, pirouettes around the elusive $0.65 support, where the ballet of on-chain fundamentals clashes with the waning waltz of short-term momentum. 💃🕺

→ Protocol weekly revenue: $13.4m

→ USDe mints: +670m

→ USDe supply ATH: $11.7bn

→ sUSDe APY: ~9%

– Ethena Labs (@ethena_labs) August 21, 2025

According to DefiLlama data, the protocol’s total value locked has almost doubled in recent weeks, from about $5.5 billion in July to $11.9 billion as of press time. USD inflows have also increased, with $2.9 billion entering in July and more than $3.5 billion already recorded this month, as of of Aug. 22. 💧

Meanwhile, investor behavior in ENA markets appears to be changing. 140 million ENA tokens have been removed from exchanges in the last four days, as per an Aug.22 post on X by analyst Ali Martinez. 🕵️♂️

140 million Ethena $ENA withdrawn from exchanges in the last 96 hours!

– Ali (@ali_charts) August 22, 2025

This move is often seen as an indication that holders are moving their holdings to long-term storage rather than getting ready to sell. If maintained, this pattern can reduce immediate sell pressure and improve price stability. A calculated gamble, if you ask me. 🎲

Ethena technical analysis

On the daily chart, Ethena is positioned around a crucial test at the $0.65 support level. The narrowing Bollinger Bands indicate compressing volatility and a possible breakout, while the token’s position close to the lower band indicates short-term oversold conditions and the possibility of a rebound if buyers step in. 🧠

Momentum indicators draw attention to uncertainty. While the MACD has turned negative, suggesting waning bullish momentum, the relative strength index is at 51, indicating neutrality. The 10- and 20-day EMAs are leaning bearish, pointing to impending pressure. Longer-term supports, like the 50- and 100-day averages, are still in place, though, suggesting that ENA is still on an uptrend. 🏰

ENA may move toward $0.70 if it recovers above $0.65, and bullish prospects would be strengthened if it broke above $0.74. However, if support is not maintained, there is little protection against a decline to $0.62, the lower limit of its recent range. A cliffhanger, indeed. 🕳️

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2025-08-22 10:16