$MSTR ‌
#StrategySharesBreak135ForFirstTimeIn12Weeks
Yes with MSTR around $127.25, the post should reflect the failed/retested breakout rather than treating $135 as the current price.
MSTR Breaks $135, Then Pulls Back: Is Strategy’s Bitcoin-Driven Rally Losing Momentum?
Strategy’s move above $135 was one of the most notable technical signals of the week, but the latest price action has added an important twist. MSTR is now trading around $127.25, meaning the stock has given back much of the breakout move and is testing whether the $135 area can eventually become support.
The original breakout was powerful. On August 27, MSTR surged roughly 12% as Bitcoin moved back above $80,000, with the stock reaching around the $137–$138 area. The move demonstrated just how sensitive Strategy remains to Bitcoin momentum.
But the latest session tells a different story.
At approximately $127.25, MSTR is now below the $135 breakout level. Recent market data shows a session range around $126.34–$135.97, highlighting the intense profit-taking after the sharp rally.
That makes $135 the most important technical level to watch.
If buyers can reclaim $135 and establish it as support, the recent decline could simply represent a retest of the breakout. A move back through $137–$140 would then strengthen the bullish structure and put the next upside targets into focus.
But if MSTR continues to trade below $135, the breakout risks becoming a false breakout.
The first downside area is around $126–$127. Losing this zone would indicate that sellers remain in control after the failed breakout attempt. A deeper correction could then bring the lower $120–$123 area into focus.
Why Bitcoin remains the key driver
MSTR's equity story remains closely connected to Bitcoin. Strategy currently holds approximately 840,447 BTC, making movements in Bitcoin particularly important for the company's market valuation and investor sentiment.
Bitcoin recently pushed above $80,000 and briefly traded above $81,000, helping MSTR accelerate sharply. But Bitcoin has since cooled, and that weakness is being amplified in MSTR.
This leverage-like behavior is important: when BTC rallies, MSTR can outperform; when BTC pulls back, MSTR can fall considerably faster.
There is also a new fundamental factor worth watching. Strategy recently raised approximately $2 billion through common-stock sales and established a roughly $1.6 billion USD cash pool for potential Bitcoin purchases, share buybacks and other corporate purposes. The company did not add Bitcoin during the latest reported week, however, leaving its holdings unchanged at 840,447 BTC.
That gives Strategy additional financial flexibility, but it also means investors need to watch the relationship between Bitcoin performance, MSTR's premium/discount to its underlying holdings and future capital issuance.
Bull case
MSTR reclaims $135, Bitcoin remains above $80K and buying volume returns. A confirmed move through $137–$140 could restart the momentum trade and potentially open the path toward higher resistance levels.
Bear case
MSTR remains below $135 and breaks $126–$127 with increasing selling pressure. In that scenario, the recent $135 breakout could be interpreted as a failed breakout, with the stock potentially entering another consolidation phase.
My view
At $127.25, I would not chase the previous breakout. The better signal is whether buyers can defend the current $126–$127 support zone and reclaim $135.
The structure is therefore neutral-to-bullish above $126, but confirmation requires a recovery above $135.
The headline remains impressive: Strategy broke above $135 for the first time in 12 weeks. But the real test has now arrived.
Can MSTR turn $135 from resistance into support?
That answer may determine whether this is the beginning of a larger Bitcoin-linked recovery or simply another short-lived breakout. @Gate_Square

#ENASurgesOver15%InADay – Ethena's Momentum Accelerates
Ethena's native token, ENA, has suddenly become one of the strongest-performing assets in the cryptocurrency market, surging over 15% in just 24 hours. Traders are reacting to major changes in Ethena's tokenomics and a restoration of confidence in the ecosystem. The token was last trading at $0.18855, with intraday highs reaching $0.18994.
The Four Pillars of the Rally
On August 27, the Ethena Foundation unveiled four structural updates that fundamentally reshape the token's economic model. These changes address two issues that have dogged ENA: selling pressure from early-investor unlocks and uncertainty over how much of Ethena's economic value accrues to the token.
First, the Foundation bought back locked tokens held by early investors. It acquired all locked tokens from certain major seed investors who had sold ENA over the past nine months. These purchases were completed through over-the-counter transactions during the past two weeks. The Foundation considered investors originally allocated more than 0.25% of ENA's total supply and divided them into those who had sold since the market peaked on October 10, 2025, and those who had not. Investors who had not sold were offered the option to sell their locked tokens at original purchase price without a discount, but none accepted. This means early investors who had been selling no longer hold unvested tokens that could hit the market.
Second, the Foundation is ending future monthly VC investor unlocks. Ethena Foundation and lead investors have agreed to release all remaining original investor tokens at once beginning October 5, rather than continuing with monthly unlocks. Team tokens will remain locked under original vesting schedules, with about 12% of ENA supply remaining locked and unvested after the changes—consisting only of team, ecosystem, and foundation holdings. This removes a major overhang: regular investor unlocks had created structural selling pressure regardless of fundamentals.
Third, a governance proposal would direct 95% of protocol revenue to buy back ENA. Once USDe circulation reaches $7.5 billion, 95% of net revenue from Ethena-branded businesses would go toward programmatic ENA purchases, with the remaining 5% funding growth. Tokenholders have until September 2 to vote; early results show all votes cast so far in favor.
Fourth, the Foundation is formalizing where the protocol's economics reside. Under an agreement in principle, substantially all material intellectual property and economic upside from the Ethena protocol would belong to the Foundation and ecosystem, rather than Ethena Labs equity holders. This creates a clearer alignment between tokenholders and protocol value.
Market Response and Price Action
The market reacted immediately. ENA surged over 15% in 24 hours, climbing 23% over Thursday alone. The token has roughly doubled in a little more than a week—from around $0.08 in mid-August to above $0.17. Just 10 days ago, ENA was still trading near $0.08. Today, it's pushing toward $0.19.
Trading volume has surged to approximately $864 million, highlighting strong market participation behind this move. Among the top 100 cryptocurrencies by market capitalization, ENA recorded the biggest 24-hour gain.
The Positive Flywheel
This isn't just a speculative spike—it's a fundamental restructuring. The combination of removing supply-side pressure and creating demand-side buybacks establishes a clear positive feedback loop: USDe expansion drives protocol revenue, which accelerates ENA buybacks, pushing the price higher, attracting more attention, and further driving USDe adoption.
The timing also matters. USDe has surpassed $320 million on Robinhood Chain within only eight weeks of launch, now accounting for approximately 42% of the network's stablecoin supply. This rapid expansion demonstrates growing real-world adoption of Ethena's synthetic dollar.
Risks and Challenges
Despite the euphoria, risks remain. Buybacks won't begin until USDe supply reaches $7.5 billion—a significant climb from its current $4 billion market cap. A major holder outside the deal remains. And ENA remains down over 90% from its all-time high of $1.52 reached in April 2024.
The token has pulled back from its intraday high near $0.19 toward support around $0.162. A successful defense of that level could set up another challenge of $0.19; failure could send it toward $0.14 or even $0.135.
The Road Ahead
The Foundation has effectively dismantled ENA's biggest bear narrative—endless token unlocks. By coupling supply reduction with revenue-funded buybacks, Ethena is creating something rare in crypto: a token with a clear, enforceable value accrual mechanism tied to protocol growth.
For an altcoin that was down 94% from its all-time high just weeks ago, the turnaround has been nothing short of remarkable. The question now isn't whether ENA can hold its gains, but whether USDe can grow fast enough to activate the buyback mechanism and sustain this momentum.
#ENA #Ethena #CryptoRally #DeFi