By Nermeen Nabil Khear 
TLDR
ENA volumes surged to over $500 million daily in recent days
This marks a significant uptick after months of low activity
Ethena’s TVL declined from $3.6 billion in July to $2.43 billion in October
ENA price rallied 78% in the past week, reaching $0.46
The token is still far from its all-time high of $1.52
The Ethena DeFi platform has seen a significant resurgence in trading activity for its native token, ENA, potentially signaling a revival for the network after months of declining activity.
Recent data shows ENA’s daily on-chain volume surpassing $500 million over the past two days, a marked increase from the sub-$100 million levels seen throughout much of the summer.
ENA, which launched in April 2024, initially saw robust daily trading volumes exceeding $1 billion in its early days. However, activity on the Ethena network slowed considerably between July and September, with daily volumes rarely breaking the $100 million mark.
The recent uptick to over $500 million daily represents a notable shift in trading patterns and could indicate renewed interest in the platform.
This volume increase comes at a crucial time for Ethena, as the network’s Total Value Locked (TVL) has experienced a significant decline in recent months.
After peaking at $3.612 billion in early July, Ethena’s TVL dropped to $2.43 billion by October 16, representing a decrease of nearly one-third.
Ethena Price on CoinGecko
The surge in ENA trading volume may potentially help stabilize or even reverse this trend if sustained over a longer period.
The renewed activity has also been reflected in ENA’s price performance. Over the past week, ENA’s value surged by 78%, reaching a high of $0.46.
This rally aligns with a broader uptick in the cryptocurrency market but is particularly noteworthy given Ethena’s recent struggles. However, it’s important to note that despite this impressive short-term gain, ENA remains well below its all-time high of $1.52.
Technical analysis of ENA’s price action shows the token encountering resistance at an ascending trendline, which it tested during Tuesday’s trading session.
Subsequently, ENA experienced a pullback of over 5%, settling at around $0.40. This retracement suggests that while bullish momentum is present, the token may face challenges in sustaining its upward trajectory in the immediate term.
The recent volume surge and price rally indicate that ENA still maintains appeal in the broader cryptocurrency market. However, it remains to be seen whether this renewed interest will translate into long-term growth for the Ethena network.
The platform’s ability to attract and retain users and liquidity providers will be crucial in determining its future trajectory.
The post ENA Trading Volume Exceeds $500 Million Daily, Ethena Network Shows Signs of Recovery appeared first on Blockonomi.
This articles is written by : Nermeen Nabil Khear Abdelmalak
All rights reserved to : USAGOLDMIES . www.usagoldmines.com
You can Enjoy surfing our website categories and read more content in many fields you may like .
Why USAGoldMines ?
USAGoldMines is a comprehensive website offering the latest in financial, crypto, and technical news. With specialized sections for each category, it provides readers with up-to-date market insights, investment trends, and technological advancements, making it a valuable resource for investors and enthusiasts in the fast-paced financial world.