• On-chain information evaluation exhibits that ENA whales have been actively growing not too long ago.
• Ethena’s latest strategic partnership and USDe stability amid market turmoil are impacting ENA worth.
• In accordance with technical evaluation, ENA worth is within the early levels of a macro bull market.

Etena (ENA) has rewarded patrons because the crypto market data huge liquidations of lengthy merchants value almost $1 billion. The utility-based mid-cap altcoin has rallied as a lot as 18% up to now 24 hours, reaching a spread excessive of round 45 cents on Saturday, October 18, in early European buying and selling.

Why is Etena’s worth up greater than 10% in the present day amid the decline in cryptocurrencies?

USDe’s resilience through the digital forex crash

The rebound in ENA worth amidst the notable crypto crash was largely influenced by the soundness of Ethena USDe (USDe). Throughout final week’s historic crypto crash, which worn out almost $20 billion in a single day, USDe skilled a brief depeg.

Nonetheless, the big stablecoin, with a totally diluted valuation of roughly $12.2 billion, remained pegged to the US greenback through the latest crypto sell-off.

Demand for ENA will increase amid destructive funding charges

Right now’s notable ENA worth rebound was partially influenced by token market dynamics. In accordance with CoinGlass market information evaluation, ENA’s funding price has not too long ago turned destructive. Traditionally, destructive funding charges have been related to bearish sentiment and vice versa.

Nonetheless, on-chain information evaluation exhibits new demand for ENA. A multisig pockets believed to be related to Ethena CEO and founder has amassed roughly $25 million value of ENA tokens over the previous few days.

Over the previous few days, ENA futures open curiosity (OI) has step by step elevated to roughly $618 million. ENA’s rising OI and spot demand amid destructive funding charges reinforce its bullish outlook.

Rising adoption of Ethena merchandise

The Ethena ecosystem has grown into a sturdy Web3 group, strengthened by regulatory compliance and elevated natural adoption. In accordance with market information from DeFiLlama, Ethena’s Complete Locked Worth (TVL) has jumped from $5.46 billion in July 2025 and hovers round $12.4 billion on the time of writing.

Associated: Ethena secures $20 million from UAE’s M2 Holdings as artificial greenback protocol expands market attain

Ethena Labs introduced that its Stablecoin-as-a-Service stack has been built-in with Conduit, the Web3 protocol that powers 55% of the chain on Ethereum with over $4 billion in TVL throughout over 60 mainnet deployments. Ethena Labs introduced its Stablecoin-as-a-Service stack and has since built-in with MegaETH Labs, Sui Community, and Jupiter Change.

What’s going to occur to the value of ENA?

After rebounding up to now 24 hours, ENA worth could also be poised to rise additional on the again of its robust fundamentals. In accordance with crypto analyst Ali Martinez, ENA worth is well-positioned to rise in the direction of $1.3 within the medium time period if the reversal sample is confirmed.

Associated: ‘Tokenized hedge funds, not Depeg’: OKX CEO defends Ethena after USDe crash

Market analyst Krypto Patel identified that in the long run, ENA worth is predicted to achieve $5 earlier than this bull run ends.

The cryptocurrency analyst famous that the macro bullish outlook can be maintained if ENA breaks above the 30 cents to 40 cents help vary.