Ethena (ENA) is experiencing a significant upswing in the market today. The ENA price has risen by 13%, currently trading around $0.2721, with a nearly 70% increase in trading volume. This surge has propelled ENA into the list of top gainers for the day, driven by a combination of new partnerships, substantial whale buying activity, and a decisive breakout on its price chart.
Key Catalysts Driving ENA's Momentum
The most impactful development is Ethena's recent partnership with Hyperliquid. This collaboration involves Hyperliquid integrating Ethena's USDe stablecoin into its platform, which is expected to unlock new yield and trading strategies. Consequently, this integration directly boosts demand for USDe and, by extension, interest in ENA. Ethena has previously reported strong financial performance, with $151 million in Q3 protocol fees and $599 million in total revenue, indicating that each new integration further solidifies the system's robustness.
Whale activity has also played a crucial role. On November 25th, a single wallet acquired 25 million ENA tokens, valued at $6.7 million, increasing its total holdings to 285 million ENA. Such significant buying typically signals strong conviction from large investors. Notably, this wallet is currently holding at an unrealized loss, suggesting a long-term investment strategy rather than short-term speculation.
— Cointelegraph (@Cointelegraph) November 25, 2025
WHALE ALERT: A wallet potentially linked to Ethena Labs just bought 25M $ENA from Bybit.
The wallet currently holds 285.15M $ENA worth $76.46M. pic.twitter.com/GyNapNXg7M
Complementing these fundamental drivers, the technical outlook for ENA has turned bullish. The ENA price has successfully broken through a prolonged downtrend that had suppressed its value for several weeks. Analyst Clifton Fx has confirmed this breakout, anticipating a significant rally ahead.
Analysis of the ENA Chart
The 4-hour chart indicates a clear shift in market dynamics. The Ethena price has moved above the descending trendline for the first time since early October. This breakout was accompanied by increased trading volume, a positive crossover on the MACD indicator, and the RSI climbing out of oversold territory into a more favorable mid-range.
This represents the first substantial trend break for the token in a considerable period, and market participants are responding by entering positions early. Sustained price action above the breakout zone could lead to rapidly building momentum.
If the current upward momentum persists, the ENA price could target key resistance levels at $0.28 and subsequently $0.32. A move towards the significant resistance at $0.346 would become a realistic possibility if trading volume continues to increase. Conversely, a failure of the breakout could see ENA retreat to its previous trading range, but the current chart structure appears more robust than it has in months.
The confluence of partnership momentum, accumulation by large holders, and a confirmed technical breakout collectively suggest growing market confidence in Ethena. The Ethena price is finally experiencing some relief, and the broader market is beginning to reflect this positive sentiment.