#ENASurgesOver15%InADay
Is Ethena building one of the strongest comeback stories in DeFi?
ENA has suddenly become one of the most interesting tokens to watch after surging more than 15% in 24 hours, with the move from around $0.08 in mid-August toward $0.19 showing a dramatic shift in market sentiment.
But the interesting part isn't only the price action.
The bigger story is the change in Ethena's token economics.
On August 27, the Ethena Foundation announced several major structural changes that could reduce selling pressure and potentially create stronger value alignment between ENA and the broader ecosystem.
🔥 Four Changes Matter Most
1️⃣ Locked ENA buybacks
The Foundation purchased locked ENA from certain early investors who had been selling during the previous nine months. Investors who had not sold were also given an opportunity to exit at their original purchase price, but reportedly none accepted.
That matters because investor selling pressure has been one of the major concerns surrounding ENA.
2️⃣ VC unlock structure is changing
Future monthly VC investor unlocks are being eliminated, with remaining original investor tokens expected to be released at once beginning October 5.
Team tokens will continue under their existing vesting schedules.
This could significantly change how traders think about future supply pressure.
3️⃣ Potential ENA buyback engine
The biggest potential catalyst may be the governance proposal to direct 95% of net revenue from Ethena-branded businesses toward ENA buybacks once USDe circulation reaches $7.5 billion.
If approved and eventually activated, this could create an interesting economic flywheel:
USDe growth → higher revenue → ENA buybacks → reduced market supply → stronger token economics.
The remaining 5% would be used to support growth.
4️⃣ Greater ecosystem alignment
An agreement in principle would place substantially more of Ethena's economic upside and intellectual property with the Foundation and broader ecosystem rather than primarily with Ethena Labs equity holders.
For ENA holders, that could create a clearer connection between protocol growth and token-holder interests.
📊 Technical Picture
ENA is currently trading around $0.188–$0.19, making this an important resistance area.
🔹 Resistance: $0.19
🔹 First support: $0.162
🔹 Lower support: $0.14
🔹 Major support: $0.135
If ENA can hold $0.162 and successfully break above $0.19, the current recovery could gain another wave of momentum.
But losing $0.162 would weaken the short-term structure and could send price toward the $0.14–$0.135 region.
⚠️ The Big Risk
The buyback mechanism is not active yet. USDe reportedly needs to reach around $7.5B in circulation, compared with roughly $4B currently.
ENA is also still dramatically below its historical high of $1.52, so the long-term recovery remains a challenging road.
For me, the real question isn't whether ENA can have another green day.
It's whether USDe adoption can continue growing fast enough to turn Ethena's new economic structure into actual demand for ENA.
If that happens, this rally could represent more than a short-term pump.
It could be the beginning of a completely new chapter for Ethena. 🚀
Would you rather buy ENA near $0.16 support or wait for a confirmed breakout above $0.19? 👀
#Ethena #ENA #GateSquare #Gate股票观点挑战

#HYPEContinuesToHitAll-TimeHighs
HYPE is still holding near its all-time highs after the 1.2 billion dollar token unlock. The token is trading around 83.32, up more than 220 percent year-to-date, and the buyback-and-burn mechanism continues to remove supply from circulation. Understanding the next phase requires looking at the levels, the momentum, and the post-unlock context step by step.
Price closed at 83.32 after a flat session. The 9-period MA sits at 81.64 and the 50-period MA is much lower at 62.99. Bollinger Bands stretch from 47.52 on the downside to 93.50 on the upside, with the middle band near 70.51. Price remains well above every major moving average and is consolidating just below the recent peak. The next visible resistance is the upper band and SRL level at 93.50. Support starts at the 9-period MA near 81.64, then the middle band at 70.51 and the 50-period MA at 62.99.
RSI is at 71.48, still elevated but no longer extreme. MACD remains positive with the histogram expanding, showing that momentum has not yet turned despite the stretch.
Step one is the immediate pivot. A clean hold above 81.64 on rising volume would be the first sign that the unlock has been absorbed without structural damage. Acceptance above 81.64 keeps the higher-high structure intact and opens the door to a push toward 93.50.
Step two is the downside filter. Failure to hold 81.64 on a daily closing basis would likely send price toward the middle Bollinger Band at 70.51. A break of that level would open the door to the 50-period MA at 62.99. After a 220 percent year-to-date advance, any disappointment around the unlock could trigger a sharper mean-reversion move.
Step three is the fundamental context. The buyback-and-burn mechanism remains a structural positive. If it continues to absorb supply and the market digests the unlock without heavy selling, the path of least resistance stays higher. The key is whether the deflationary pressure outweighs the new supply that has entered the market.
My take is straightforward. I am treating 81.64 as the immediate pivot and 93.50 as the next upside magnet. Until the post-unlock structure stabilizes, size stays measured. The deflationary mechanism is real, but the chart still has to prove it can convert the unlock into sustained acceptance above the recent highs.
Final point: the next few daily closes will matter more than any single session. A hold above 81.64 keeps the bullish case alive. A break under it shifts the short-term bias lower until proven otherwise.
Are you holding through the post-unlock period, adding on a reclaim of the recent highs, or already reducing exposure near these levels? Share your plan.
‍#HYPE #TokenUnlock $HYPE
@Gate_Square