What is ENA? ENA Token 2025 price prediction

In the highly volatile world of Crypto Assets, Ethena (ENA), as the governance token of the synthetic dollar protocol Ethena, is attracting more and more investors' follow. As a protocol based on Ethereum, Ethena aims to create a crypto-native dollar solution that does not rely on the traditional banking system, with its core product, the USDe stablecoin, attempting to provide substantial returns while maintaining stability through a unique Delta neutral hedging mechanism.

##The Essence of ENA: Protocol Roles and Token Functions

The Ethena protocol represents an innovative attempt in the DeFi space, creating a synthetic dollar system, with its governance token ENA granting holders the right to participate in key decisions of the protocol. The total supply of the token is 1.5 billion, with an initial circulating supply of 1.425 billion.

The token distribution structure is as follows: core contributors and investors each account for 30% (with the token locked for 1 year), ecological economic development accounts for 25%, and the foundation retains 15%. This distribution aims to balance the relationship between project development, investment returns, and ecological construction.

As a governance token, the core value of ENA is closely linked to the growth of the USDe stablecoin. When users stake USDe, they can earn sUSDe yield assets, while ENA holders can share in protocol profits and participate in governance decisions.

This design makes ENA not just a speculative asset, but also a representative of the rights of protocol development.

##ENA Recent Performance: Severe Fluctuations and Key Catalysts

In the past few months, the price of ENA has experienced a roller coaster of fluctuations. It plummeted 87% from a historical high of 1.52 USD in April 2024 to 0.20 USD, and then rebounded to 1.32 USD by the end of 2024. In May 2025, the price briefly crashed to 0.26 USD but quickly rebounded above 0.40 USD.

Recent key events include:

• Upbit Listing Effect: On July 13, South Korea's largest exchange Upbit listed the ENA trading pair (KRW/BTC/USDT), stimulating a price surge of 25% in a single day and a trading volume increase of 300%.
• Token Unlock Pressure: At the beginning of July, the unlocking of 40 million ENA (worth approximately 10.34 million USD) caused the price to drop by 4% to 0.2546 USD.
• Renowned KOL endorsement signal: BitMEX co-founder Arthur Hayes invested 1.505 million USD to bottom fish 4.2 million ENA, with an average cost of approximately 0.22 USD.

Technical analysis shows that ENA has broken through the descending triangle pattern since mid-May, which is an important bullish technical signal. The current price is fluctuating around 0.37 USD, and if it can hold the support level at 0.30 USD, it is expected to challenge the 0.46 USD mark.

Price Prediction: Multi-Time Dimension Outlook

Based on technical analysis and market trends, we make the following predictions for the ENA price:

short term (2025–2026)

• Year 2025: Key Range Breakthrough If it can break through the $0.50 resistance level, it may enter the $0.5–0.7 range, with a potential increase of 50–75%.
• 2026: Steady upward channel Under the backdrop of the recovery of the DeFi market, it may test the range of 0.8–1.0 USD, challenging the psychological barrier of 1 USD.

mid-term (2027–2028)

• Bullish Scenario: If USDe is widely adopted and the crypto market enters a bull market, the price may challenge and break the historical high of 1.52 USD, moving towards the range of 1.2–1.6 USD.
• Conservative expectation: If the market grows moderately, prices may fluctuate in the range of 0.6-0.8 USD.

long term (2030+)

• The algorithm model predicts that the price of ENA may reach approximately 5.03 RMB (about 0.69 USD) by 2035, representing a potential return of +163% compared to the current level.

##Value Support: Fundamentals and Market Position

The rapid growth of the USDe stablecoin is the main foundation of the value of ENA. Currently, the circulation of USDe has reached 5.5 billion USD, ranking fourth among stablecoins globally, with its protocol TVL (Total Value Locked) reaching 5.48 billion USD, and a market cap/TVL ratio of only 0.3666, indicating that the value is relatively undervalued.

The integration with traditional finance is also accelerating:

• Secured investments from traditional financial giants such as Franklin Templeton (managing $1.4 trillion in assets) and F-Prime Capital, a subsidiary of Fidelity.
• Plan to launch the iUSDe compliance agency entry, providing a crypto assets allocation channel for ETFs and hedge funds.
• Collaborating with World Liberty Financial, supported by the Trump family, to bring USDe into its DeFi ecosystem.

These collaborations not only enhance Ethena's brand influence but also provide political resource support for its path to compliance, reducing regulatory risks.

##Conclusion: The Value Game Amid Fluctuation

ENA represents a challenge to the traditional financial system in the DeFi space, with its price fluctuation reflecting the market's repricing process of innovative protocols and also embodying the high volatility unique to the crypto market. Short-term prices are supported by both technical breakout patterns and the listing on exchanges, potentially testing the resistance at 0.46 USD.

The realization of long-term value depends on two core variables: whether USD can continuously attract traditional institutional funds, and whether the protocol can find a balance between compliance and sustainable returns. If the team can deliver on the vision of "compliant DeFi infrastructure," the current price range may become a window period for long-term positioning.