Ethena $ENA Set for $2 Surge? Whale Buys and $530M Backing Spark Rally

Can Ethena Coin Follow MicroStrategy’s Bitcoin Play? $ENA Surges on Whale Activity, Buybacks, and StablecoinX Funding

The cryptocurrency market is once again buzzing as $ENA, the native token of Ethena Labs, posts significant gains. Trading near $0.7382 with an 11.45% one-day jump, investors are asking whether this surge signals the start of a sustained rally or merely a short-term spike driven by hype. Analysts are closely monitoring developments around StablecoinX’s massive funding, strategic buybacks, and notable whale purchases to determine whether Ethena could replicate a scenario similar to MicroStrategy’s Bitcoin accumulation strategy.

What Is Driving Ethena’s Price Rally? Three Major Catalysts

Market analysts have identified three key factors currently propelling $ENA higher, combining institutional activity, market mechanics, and technical momentum.

Source: X

1. StablecoinX Raises $530 Million to Acquire $ENA

One of the primary triggers behind the current rally is StablecoinX, which recently completed a $530 million raise specifically aimed at acquiring $ENA tokens. The initiative has expanded total financing under the partnership to nearly $895 million, positioning StablecoinX to hold over 3 billion $ENA tokens. This steady accumulation strategy draws immediate comparisons to MicroStrategy’s methodical Bitcoin purchases, which fueled massive demand and supply constraints.

Crypto experts note that such structured acquisition programs create a psychological effect on retail traders and institutional participants alike. The confidence generated by a well-known strategic partner entering the market often accelerates price momentum while reinforcing the perception of a strong support base for the token.

2. $310 Million Buyback Program Reduces Circulating Supply

Ethena Labs has also launched a $310 million buyback initiative, scheduled over the next six to eight weeks. By systematically purchasing tokens from the open market, the Foundation aims to reduce circulating supply and strengthen support for the ongoing rally.

Analysts argue that when supply tightens while demand remains robust, the resulting scarcity effect naturally supports higher price levels. In the current market, with $ENA trading close to its immediate resistance at $0.74–$0.75, the buyback program could provide the additional impetus needed to breach this level and push the token higher.

3. Whale Accumulation Signals Growing Market Confidence

Adding further momentum, a major whale purchase has caught the attention of the market. According to blockchain data analyzed by Olaxbt, a single wallet acquired 27.9 million $ENA tokens, valued at approximately $20.5 million, on the Hyperliquid exchange. Large-scale purchases like these often instill confidence among smaller traders, as they indicate institutional or sophisticated market players expect future upside.

Source: X

Whale activity can also trigger a cascading effect in the market. As smaller investors observe a prominent accumulation, they may feel motivated to enter, further boosting trading volume and reinforcing the bullish narrative.

Technical Indicators Support Bullish Momentum

Beyond the fundamental drivers, $ENA’s technical setup also signals potential continuation of the rally. Trading volume surged 68.24% in recent sessions, reaching $1.3 billion, while total market capitalization stands at approximately $5.1 billion.

Key technical indicators are aligning with the positive news:

• MACD Crossover: Shows renewed momentum and confirms upward price action.

• RSI Above 50: Indicates bullish strength, with room for further appreciation.

• Support Levels: $0.68–$0.70 provides a buffer for buyers if the price pulls back.

• Resistance Levels: $0.74–$0.75 is the immediate barrier, followed by $0.85–$0.90 as potential targets if the rally continues.

These signals suggest that short-term traders could see rapid gains if the token clears the immediate resistance zone.

Forecasting Ethena Coin: Short-Term, Mid-Term, and Long-Term

Based on current market conditions, partnerships, and technical analysis, experts are offering a tiered forecast for $ENA:

• Short-Term (1–2 Weeks): With the buyback program and whale accumulation, $ENA could test $0.85–$0.90, while the support at $0.70 remains critical.

• Mid-Term (1–3 Months): If momentum sustains and institutional control over the token continues, prices may climb above $1.00, potentially reaching $1.10–$1.25.

• Long-Term (6–12 Months): Should market conditions remain favorable, with consistent adoption and strategic accumulation, analysts predict the token could challenge $2.00–$2.50 levels, though this is contingent on broader crypto market trends and liquidity flows.

Is $ENA the Next MicroStrategy Bitcoin Play?

The broader discussion in crypto circles revolves around whether $ENA is repeating a pattern similar to MicroStrategy’s Bitcoin strategy. MicroStrategy’s multi-billion-dollar, methodical Bitcoin accumulation created a significant supply shock, driving price surges and attracting institutional attention.

$ENA’s current setup mirrors aspects of this strategy on a smaller scale:

• A strong institutional partner controlling a substantial portion of tokens.

• A structured buyback program reducing circulating supply.

• Whale participation adding credibility and market confidence.

The key difference is that Ethena is still in a growth phase, with its ecosystem, liquidity, and adoption continuing to expand. Unlike Bitcoin at the time of MicroStrategy’s initial purchases, $ENA’s market is smaller, which could amplify both upside and volatility.

Investor Takeaways

For traders and investors, the $ENA rally presents both opportunities and risks:

• Opportunities: Early participation in a structured accumulation and buyback setup can yield attractive returns, particularly if technical resistance levels are breached.

• Risks: Volatility remains high, and any delay in buybacks or institutional support could result in sharp pullbacks. Investors should monitor support at $0.70 closely.

• Strategy: Diversification and careful position sizing are recommended, alongside keeping abreast of ongoing partnership news and market activity.

Conclusion

Ethena’s $ENA token has captured market attention through a combination of institutional funding, strategic buybacks, and whale accumulation. While parallels to MicroStrategy’s Bitcoin strategy exist, $ENA remains in a different growth stage, with its ecosystem, market cap, and liquidity factors unique to this token.

The immediate outlook points to continued bullish momentum if $0.75–$0.90 resistance levels are breached. Long-term potential depends on sustained institutional support, ecosystem expansion, and wider adoption. As crypto markets evolve, $ENA is positioning itself as one of the most watched tokens in September 2025, with investors keenly observing whether it will emulate Bitcoin’s historic accumulation success or represent a shorter-term trading opportunity.

Writer @Erlin

Erlin is an experienced crypto writer who loves to explore the intersection of blockchain technology and financial markets. She regularly provides insights into the latest trends and innovations in the digital currency space.

 

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