Ethena (ENA) is seeing a surge in on-chain activity with active addresses at a multi-month high, showing renewed engagement, while the Ethena price remains in a deep decline after a major correction, creating a clear divergence between usage and valuation, with bullish MACD momentum improving, signaling strength.
At the time of writing, ENA is trading at $0.09033 with a 24-hour trading volume of $102.57 million and a market capitalization of $841.89 million. Following the 3.95% gain over the last 24 hours, the Ethena price structure and rising active addresses point to a bullish reversal ahead.
Source: CoinMarketCap
Also Read: Ethena Price Outlook: Can ENA Reclaim the $0.1397 Resistance Level?
Ethena Active Addresses Hit Multi-Month Peak
Furthermore, the crypto analyst ALi Charts highlighted that Ethena is showing a sharp resurgence in on-chain activity, with daily active addresses surging to 5,057, the highest level since November 2025.
This marks a clear multi-month peak in network usage, reflecting stronger real engagement across wallets and protocol interactions. The increase signals renewed participation after an extended period of relatively muted activity across the ecosystem.
Source: Ali Charts’ X Post
At the same time, the Ethena price is moving near $0.09 after suffering a steep 92% decline from its late-2025 highs. The heavy correction has largely removed earlier speculative excess, leaving the asset in a deeply discounted valuation zone.
Despite weak price action, underlying fundamentals are beginning to show contrasting strength through rising usage metrics.
However, the discrepancy between the falling Ethena price and increasing network activity is not going unnoticed, with new pockets of money opening up, along with people joining up more quickly.
Such trends have often been observed in the early stages of accumulation in cryptocurrency market cycles. Provided that such an environment persists, the combination of strong on-chain activity with the low Ethena price could point to preparation for a rally ahead.
MACD Bullish Crossover Points to Improving Momentum
According to TradingView, the Ethena price shows the existence of an erratic market with steep rallies and corresponding steep falls.
Steep rallies occur up to a high of $0.1250 in April and $0.1350 in May before being sharply sold off. This results in a downtrend that drops the price to $0.07201 at mid-June. There is a rebound thereafter with the Ethena price rising to $0.09027.
Source: TradingView
The technical indicators show that consolidation is currently taking place in the region of the lower levels. The Ethena price is slightly above the mid-Bollinger band at $0.08837, which is below the resistance level of $0.10472.
As far as positive signs go, the fact that there has been a bullish cross of the MACD, coupled with a histogram of 0.00150, suggests that the trend is changing to some extent.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: Ethena Price Prediction: Can ENA Rally to $0.13 After Reclaiming Support?
