Ethena Price Soars on Ethena Pay Launch
The price of Ethena (ENA) has shown renewed strength after weeks of consolidation, driven by growing market participation and improving sentiment.
The recent launch of Ethena Pay, described as a 'neobank' offering cashback on card purchases, borderless transfers, savings features, and self-custodial stablecoin accounts, appears to be a key catalyst for the price increase.
According to TradingView charts, ENA has broken through a long consolidation zone around $0.0940, attracting strong buying interest and advancing toward the $0.16-$0.18 zone before profit-taking emerged.
The increased open interest in Ethena, rising from about $200 million in July to above $400 million following the latest breakout, suggests new positions are entering the market rather than a short-term squeeze.