ENA Price Eyes 60% Rally as Ethena Expands Across Bybit, Monad, and Avalanche

The price of ENA is finally showing signs of life after months of selling pressure. Since hitting its all-time low in June at $0.070, the token has been building a demand base while selling pressure fades. ENA is currently trading around $0.086 and has broken above its 50-day EMA, with the next technical objective around the 200-day EMA between $0.136 and $0.144, roughly 60% above current levels.

Supply distribution suggests that wallets holding between 1 ENA and 1 million ENA have been increasing since early 2026, pointing to broad accumulation. At the same time, addresses holding 1 million to 10 million ENA continued distributing tokens, effectively using smaller buyers as exit liquidity. However, this dynamic appears to be changing.

Ethena's ecosystem expansion across major platforms has added fresh momentum to ENA's price. Bybit removed minting and redemption fees for USDe using USDC, becoming the only major exchange offering verified users direct USDe minting and redemption entirely through its interface or API. Two days later, USDe and sUSDe launched on Monad Foundation, including integration with Monad's Aave deployment, giving users access to stablecoin borrowing liquidity at scale.

Then on July 17, Kraken enabled USDe deposits and withdrawals on Avalanche, expanding accessibility for Ethena's synthetic dollar across another blockchain ecosystem. The ENA price approaches critical resistance, confirming renewed momentum after months of weakness, while continued ecosystem expansion could provide additional demand if adoption keeps building.