Ethena price is kicking off October on a strong note. The token is up almost 7% today, trading around $0.6220, with trading volume climbing nearly 40%.
After weeks of sideways action, momentum is picking up again, and both new partnerships and big money interest are fueling the move.
One of the biggest drivers right now is Ethena’s partnership with the Sui Foundation and SUI Group. Together, they’ve launched suiUSDe, a synthetic dollar, and USDi, a stablecoin backed by BlackRock’s BUIDL fund.
Both are designed to boost DeFi adoption on Sui while funneling revenue into SUI and ENA buybacks. With USDe already holding a $14.8 billion TVL and Sui processing $229 billion in stablecoin volume in August alone, the setup could bring fresh capital into ENA.
— Marc Shawn Brown (@MarcShawnBrown) October 1, 2025
BIG NEWS: $SUI partners with $ENA to launch income-generating digital dollar "suiUSDe" pic.twitter.com/LE9oSRe6pV
On top of that, institutional investors are stepping in with serious backing. MEXC Ventures has increased its ENA holdings to $30 million, while StablecoinX committed $260 million to buybacks.
Whale wallets also picked up more than 79 million ENA over the summer, while retail traders are adding to the momentum. Circulating supply is now just 42% of the max, which means less available liquidity as demand rises.
What the ENA Chart Is Showing
Looking at the chart, ENA price has made a sharp recovery from its late September dip near $0.55. Price has bounced back above the $0.62 level, showing buyers are regaining control.
Earlier in the summer, ENA hit highs around $0.87 before sliding into a steady downtrend. Now, after weeks of consolidation, the current bounce suggests the market is setting up for another push higher, with $0.74 as the key resistance to watch.
Market Indicators
The technical signals are lining up with the bullish price action. Open interest is rising again, which shows fresh positions are being opened as traders bet on volatility.
RSI has turned higher, moving out of neutral territory, a sign of improving momentum.
The MACD has also crossed bullishly, confirming that upward momentum is building. Together, these indicators suggest that the recent bounce has legs and could extend further into October.
ENA Price Short-Term Outlook for October
If ENA can hold above $0.60, the next target is the $0.74 resistance zone. A breakout there would put the summer highs of $0.87 back in play, and potentially set the stage for a run at $0.90 or higher before the month ends.
The fundamentals from stablecoin adoption and institutional buybacks provide a strong backdrop, but traders will want to keep an eye on adoption metrics for suiUSDe and USDi as well as any regulatory news under the GENIUS Act.
With both technicals and fundamentals lining up, October could turn into a defining month for Ethena price.