ENA Price Outlook as Ethena’s Network Activity Explodes to Historic Levels

The ENA price has spent months moving lower, but activity across the Ethena network is telling a completely different story. User participation is climbing fast, new wallets are appearing at the strongest pace in more than two years, and the ecosystem is attracting fresh attention even though the token remains close to its lowest levels.

That disconnect is making traders pay closer attention. Daily active addresses have climbed to a seven-month high, new wallet creation has reached its best level since April 2024, and discussions around buyback-and-burn proposals and USDe expansion continue to fuel interest in the project.

• Ethena Is Bringing in New Users
• The ENA Price Is Trying to Stabilize
• ENA Momentum Is Starting to Improve
• FAQs

Ethena Is Bringing in New Users

According to Santiment’s recent statistics, there has been an uptick in on-chain activity. On June 18, daily active addresses stood at 5,057, the highest value since November 2025. Meanwhile, the network growth has risen to 2,968 new wallets created, which is the highest in 26 months.

Source: X/@santimentdata

Those numbers stand out because both existing users and newcomers became active simultaneously. Instead of activity coming from the same wallets, the network is attracting fresh participants while longtime users remain engaged.

The renewed interest comes as the community follows governance proposals that would introduce a buyback-and-burn mechanism using protocol revenue. Ethena is also expanding the utility of staked ENA and continuing to grow the USDe synthetic dollar ecosystem, giving investors more reasons to watch the project.

Even with those developments, the ENA price remains under pressure. BSCN noted that the token is still trading roughly 94% below its all-time high, leaving the increase in network activity largely absent from the price chart.

The ENA Price Is Trying to Stabilize

We had a look at the daily ENA chart, and the broader trend is still pointing lower. After reaching the $0.85-$0.90 area in 2025, the token entered a prolonged decline that produced a consistent pattern of lower highs and lower lows through late 2025 and into 2026.

The ENA price is now trading near $0.0886, below the 100-period SMA at $0.1000. That moving average has rejected several recovery attempts and remains the first level buyers need to reclaim before the chart starts improving.

Source: TradingView

Support continues to develop between $0.080 and $0.085. As long as that range holds, buyers still have an opportunity to build a stronger recovery. A move below it would put fresh lows back on the table.

Trading activity has also picked up. Volume reached about 66.55 million during the latest bounce, showing more participants are returning as the token trades near support.

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ENA Momentum Is Starting to Improve

Price may still be weak, but momentum indicators are beginning to change. The RSI Divergence indicator is reading 47.85 and has produced several bullish divergence signals throughout the downtrend. Those signals appear when price makes lower lows but momentum begins improving underneath the surface.

The latest bullish signal arrived during June 2026, lining up with the jump in active addresses and new wallet creation. That combination gives traders something new to watch. The ENA price remains close to its lows, yet user activity is reaching levels not seen for months and adoption continues expanding.

The next technical hurdle remains the 100 SMA near $0.1000. A successful move above that level would improve the short-term picture and bring the $0.12-$0.15 resistance zone into focus. For now, the ENA price is still trading inside a broader correction. The next few sessions will reveal whether that growing participation can finally translate into a sustained recovery.

FAQs

 **What is driving Ethena’s recent on-chain activity❓**

Interest in the proposed ENA buyback-and-burn mechanism, expanding USDe adoption, restaking initiatives, and governance proposals has contributed to higher user activity and wallet creation.

 **Why is the ENA price getting attention❓**

The ENA price is attracting interest because on-chain activity has reached multi-month highs even as the token continues trading near its lowest levels since launch.