The crypto market continues with its resilience, holding firm the recovery, which began earlier mid-last week. With major assets like BTC and ETH holding above $80,000 and $1,900 respectively, several altcoins are capturing attention with their market activity. Today, data according shared by Satoshi Club spotted Ethena’s TVL reaching a new AHT of $6.33 billion.
Ethena climbs to $6.33 billion AHT
Today, Ethena Labs, a stablecoin protocol and RWA platform, reached a new AHT of $6.33 billion, after seeing a 10% surge over the past week. Reaching this historical peak of $10 billion TVL makes Ethena the 4th largest DeFi protocol and now holds more TVL than any other blockchain except Ethereum and Solana. This substantial milestone showcases the rising interest in the Ethena protocol and its investment in the DeFi market.
The key contributors to this overall TVL’s growth are Ethena’s assets including USDe and UStb, highlighting the network’s growing influence and adoption in the market. This accomplishment signals the wider trend in the DeFi ecosystem where projects like Ethena continues attracting massive inflow of funds. The surge in TVL not only indicates growing investor confidence in the Ethena platform but also shows a strong demand for its related DeFi services and products.
ENA price updates
However, the effect of TVL climbing to a new high has still not been seen in Ethena’s native token’s price activity. ENA is still in a correction trend, which started a month ago. Its price has been down 12.6% and 0.1% over the past month and seven days ago respectively. However, on-chain indicators show that the asset is beginning to regain its bullish movement, displaying signs of rebound. The change in market dynamic has been supported by increasing demand and a rise in positive market sentiment, giving investors confidence that ENA could surge in the coming weeks.
After struggling with selling pressure recently, Ethena managed to hold above the crucial support level of $0.2045. This stability is a bullish indicator, suggesting that the asset is preparing to breakout from the current downtrend. ENA’s recovery suggests that the asset has the potential to break the key resistance zone of $0.5. The ongoing recovery activity and accumulation by long-term holders are positive signs suggesting that the asset is getting ready to overcome the downward trend in the next couple of weeks.
About the author
Nicholas Otieno is a fintech writer specializing in cryptocurrency markets. Since 2019, he has written articles to educate readers about cryptocurrency and its substantial positive impact on global prosperity. Nicholas is a Bitcoin holder, believing firmly in its fundamentals. His work has been featured in publications such as Finance Magnates, Blockchain.News, Bitcoin Magazine, Coincub, and among others. When he's not writing, Nicholas enjoys performing domestic tasks, spending time with friends, listening to music, and watching football.
