Key highlights:
- The ENA price is currently breaking out of a descending wedge pattern amid defense of the 4-hours’ 100 period moving average
- Ethena staked $50 million worth of assets within the Morpho yield vault, raising its value to $106 million
- Active addresses fell from 1,000 to 700, while daily transactions dropped from 3,400 to 2,200
The ENA price is starting to look more constructive after spending months under heavy selling pressure. indicate a drop. On Ethena, daily active addresses dropped from approximately 1,000 to 700, which corresponds to a 30% decline.
Daily transactions fell from approximately 3,400 to 2,200, which marks a 35% drop. Moreover, the ENA price decreased slightly to $0.080 from $0.081 for the period under consideration. Thus, the aforementioned indicators reflect a reduction in activity together with a drop in price.
However, the amount of data is limited to a relatively short period of time. Therefore, the observed trends cannot be taken as a long-term one. Nevertheless, traders should pay attention to how active addresses and transaction volumes will evolve further.
Ethena is expanding its DeFi footprint
Away from the charts, Ethena has made one of its biggest DeFi allocations by depositing about $50 million into a Morpho yield vault.
That single transaction lifted the vault’s total value locked from around $41 million to more than $106 million, an increase of roughly 159% in one day. The move immediately turned the vault into one of the largest pools within Morpho’s ecosystem.
Morpho’s vaults automatically allocate capital across selected lending markets, allowing users to earn yield from overcollateralized borrowers. By providing $50 million in liquidity, Ethena has helped create a deeper lending pool that can support larger borrowing activity and improve capital efficiency.
The move also strengthens Ethena’s position in the on-chain yield market. Over the coming weeks, investors will be watching the vault’s performance, including borrowing demand, realized yields, collateral quality, and whether other large DeFi participants make similar allocations.
Like any DeFi protocol, the vault also carries risks. Smart contracts, collateral management, oracle systems, and liquidation mechanisms will all play a role in determining how the strategy performs over time.
What comes next for the ENA price?
The ENA price has started to recover, but buyers still have important resistance levels to clear. The first resistance level is seen at $0.0844. A break above this price level would open up resistance at $0.0900, followed by the 100-day moving average on a daily chart at $0.0959.
The prices to look out for in case of buyers gaining control are $0.1000 and $0.1100. Resistance is seen at $0.0782, followed by $0.0776, which is the 4-hour moving average. Ethena’s $50 million investment into Morpho gives the project a stronger position in decentralized lending, but network activity still has room to improve.
If user activity begins recovering alongside the improving technical picture, it would provide stronger support for the ENA price. CoinCodex’s 1-month ENA price prediction places the price at $0.06005, implying potential downside from current levels if the ENA price fails to break above the $0.0900 resistance and reclaim the 100-day moving average near $0.0959.
Source:: Ethena Price Prediction: ENA Eyes a Rally After $50M Morpho Investment