Ethena Price Forecast – Why ENA Could Hit $1 Soon

Highlights:

• Ethena is trading in a bullish channel while making higher lows
• Ethena faces significant resistance at the intraday high of $0.634
• Pushing through $0.634 could see Ethena hit $1 soon

Ethena (ENA) is one of the top gainers today as the market appears to be regaining its footing. In the last 24 hours, Ethena has gained 11.1% to trade at $0.613. Besides the rising price, Ethena trading volumes have also been rising, up by 30.94% in the last 24 hours, to $1.16 billion. The rising Ethena trading volumes indicate that buyers are coming in strongly. It’s a signal that bulls expect Ethena to keep going higher in the foreseeable future. Multiple factors underpin the increased bullish sentiment around Ethena. 

Ethena Fundamentals Now Stronger as It Targets US Stablecoin Market

The first one is the improved cryptocurrency regulatory environment in the US. Recently, the US passed the GENIUS and the CLARITY Act. Both of these have made the rules clear, particularly around stablecoins. The result is that cryptocurrency projects can now confidently expand into the US market. Ethena is one of the cryptocurrencies already taking proactive steps in this direction by expanding its stablecoin into the US market through Anchorage. The expansion is likely to push the value of Ethena tokens higher for two reasons.

A new king of on-chain stablecoins has been crowned: Ethena ($ENA / $USDe). 👑

Fueled by the demand for yield, Ethena's TVL has exploded from $5.4 Billion to $9 Billion in just two weeks.

Excluding USDT & USDC, Ethena now completely dominates the on-chain stablecoin market.… pic.twitter.com/OgNw86hsXA

— Rose 🌹 (@rosycutee2) August 4, 2025

FOMO Building Up In ENA After US Stablecoin Deal

The first is that there will be a sudden surge in demand for the stablecoin, which could trigger a rally in the price of ENA tokens. The second is the perception value. Now that the rules are clear and Ethena is already making moves, the market expects value to increase over time. The result is that investors could FOMO into Ethena and trigger a rally to new highs. The buildup of FOMO is evident in Ethena’s price action in the last 24 hours.

When the top 100 cryptocurrencies are mostly up by under 5%, Ethena is clocking upwards of 10% and gaining. Such price action hints that excitement is building up and that, in the event of a continuation of the market uptrend, Ethena could rally even more strongly going into the future. 

Few thoughts on seeing this and Ethena’s recent moves :

– I used to think what would be Ethena’s edge and attractive position as more projects enter the stablecoin war and also start copying the delta-neutral model.

– Indeed, they’ve shown a clear understanding of the advantage… https://t.co/C97jCnOUG5

— Ditto (@ditto_eth) July 29, 2025

A Possible Incoming Rate Cut In the US Could Send ENA to New Highs

The macro environment also favours a rebound for cryptocurrencies, which is big for those with underlying momentum for Ethena. One of the favourable macros is that the market has priced in the tariff uncertainty. The cryptocurrency market is increasingly trading in the direction of the NASDAQ and other US indices. This explains why the cryptocurrency market also fell on August 1 when the Nasdaq wiped out nearly a month’s worth of gains.

It is important that we keep an eye on the Nasdaq.

The correlation has been very strong in recent days.

Tech stocks pulling $BTC down! pic.twitter.com/yP78GNQTOD

— Shango – 𝕏's Crypto 👑 (@ShangoTrades) August 1, 2025

This correction, however, has priced in all the expected uncertainties around tariffs on Canada and India. It is evident that after Friday’s correction, the market has made a strong rebound on the day. The same rebound is apparent in the cryptocurrency market. With rising expectations that signs of weakening in the US economy could force the Fed to cut rates, markets could keep going higher. For Ethena, which already has investors excited about its prospects, a continuation of the marketwide momentum could see it rally to new highs in the short term. 

Technical Analysis – Ethena Price Trading In A Bullish Channel

Since bottoming out and establishing strong support at $0.521 on August 2, Ethena has been trading in a bullish channel. In the last 24 hours, Ethena has been making higher lows along this channel. It indicates that bulls are in control and that every slight price dip is quickly bought up.

If bulls sustain this momentum by breaching the 24-hour high of $0.634, a rally to prices as high as $1 could follow in the short term. However, if bulls fail at the $0.634 resistance, then a consolidation around it could follow in the short term. With the broader market showing strength, the odds are higher for a rally through $0.634 to $1 or higher.