- Santiment data highlights that daily active addresses on the Ethena network hit a 7-month high of 5,057.
- Ethena Labs proposed allocating up to $250 million into a tokenized structured credit fund managed through Securitize’s STAC product.
- The Ethena price shows demand pressure near $0.07 support with the formation of a double-bottom reversal pattern.
ENA, the cryptocurrency of the synthetic dollar protocol Ethena, is down 8.4% on Friday to currently exchange hands at $0.0878. While the downtick gained its early momentum from Bitcoin’s pullback below $63,000, the Ethena price faces selling pressure due to profit-taking from short-term investors. However, a significant surge in network activity combined with a bullish reversal pattern on the daily chart indicates that Ethena (ENA) is strongly positioned to reclaim its upward momentum.
Ethena Sees Record Wallet Growth Amid $250M RWA Proposal
Over the past week, the Ethena coin recorded a rebound from $0.07 to $0.098— a 40% increase— before the price reverted to $0.087.
Just yesterday, Ethena’s blockchain network saw its highest daily active addresses in seven months, reaching 5,057 according to Santiment data. Similarly, the new wallet creation bounced to 2,968, which is the highest number of wallets created in a day since April 2024.
The timing aligns with reports of a significant proposal from Ethena Labs. The team is considering directing as much as $250 million into a tokenized structured credit fund on Solana. The target is Securitize’s STAC product, which offers AAA-rated collateralized loan obligations. The allocation, if approved by the governance, would serve as collateral for the protocol’s USDe and USDtb stablecoins. The relocation is still a proposal and has not been approved yet.
Ethena is a synthetic dollar platform within decentralized finance that features ENA as its governance and value capture token. The move towards real-world assets is indicative of continued attempts to diversify collateral sources and introduce yield-generating instruments. Market participants have been observing these developments, as well as other governance-related considerations, such as potential buyback solutions and staking adjustments designed aimed at linking protocol performance more directly to token holders.
The combination of returning users and new entrants indicates heightened interest in the ecosystem’s stablecoin operations and infrastructure. Concurrently, trading activity around the ENA token surged, as audiences in trading communities discussed the protocol’s relevance in broader DeFi developments such as the tokenization of assets and on-chain yield.
Any decision on the $250 million allocation would require community votes within Ethena’s established framework. This scenario highlights how specific proposals can influence participation metrics even amid fluctuating overall market conditions.
Ethena Price Rebounds With Classic Double-Bottom Setup
On June 10th, the Ethena price gave a bearish breakdown below the April 2026 low of $0.07 as a signal of continued correction in the market. However, the coin price rebounded immediately amid the aforementioned fund allocation and surge in network activity.
The bullish reversal to the current trading price of $0.087 also gained significant volume support, suggesting a high conviction from buyers to uplift the ENA coin. In addition, a deeper look at the daily timeframe chart shows this recovery as a potential formation of a double-bottom reversal pattern.
This chart setup displays a simple ‘W’ letter reversal from a key support region, bolstering buyers to renewed recovery momentum.
While the coin attempted a breakdown below $0.07, the daily RSI slope showed resilience above the 32 floor, which is slightly higher from 31 low recorded during April, showcasing a classic bullish divergence setup.
If the broader market pressure stabilizes, the ENA price could rebound roughly 60% and challenge the pattern’s neckline resistance at $0.139 to confirm its renewed recovery trend.
On the contrary, another breakdown attempt below $0.07 support would shake buyers’ conviction in ENA’s recovery potential, risking a further slide to $0.06.
