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Ethena (ENA) On-Chain Metrics Soar – Can This Breakout Drive the Next Upside Move?
Date: Tue, Sept 02, 2025 | 09:10 AM GMT The cryptocurrency market is regaining ground as Ethereum (ETH) climbs back to $4,400 from its 24-hour low of $4,221, marking a 4% jump. Alongside this recovery, several altcoins are also showing renewed upside momentum — including the DeFi token Ethena (ENA). $ENA is trading in the green today with a impressive 7% intraday jump, and more importantly, a surge in on-chain growth combined with a bullish breakout on its chart is hinting at potential further upside ahead.
Source: Coinmarketcap On-Chain Metrics Soar Ethena continues to capture attention with its unique yield-generation model, which combines Ethereum staking rewards while hedging against short ETH funding rates. According to live data from DefiLlama, Ethena has emerged as the second-highest fee-generating protocol over the past week, pulling in an impressive $67.94 million in fees.
Source: Defillama This figure even surpasses Circle’s $51.31 million for the same period, cementing Ethena’s growing importance in the DeFi landscape and fueling investor interest. Can This Breakout Drive the Next Upside Move? The technicals are aligning with the on-chain story. On the 4H chart, ENA has completed a falling wedge breakout, a pattern typically considered a bullish reversal signal. The breakout occurred at around $0.65, propelling price to its current level of $0.69.
Ethena (ENA) 4H Chart/Coinsprobe (Source: Tradingview) From here, ENA could either retest the broken trendline for confirmation before advancing, or it may continue climbing directly. The next key resistance levels to watch are $0.7738 and $0.91. A strong close above these levels would strengthen the bullish case and could set the stage for a broader upside run. For now, both on-chain fundamentals and technical setups are aligning — suggesting ENA may have more room to run if momentum sustains. Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.