Ethena (ENA) Up 34% After Golden Cross: Is $2.4 in Sight?

Ethena’s native token, ENA, surged 34% over the weekend, reaching $0.85 on Monday, its highest level since January. What’s Driving Ethena (ENA)? The strong rally was supported by increased trading volume following the formation of a bullish Golden Cross on ENA’s daily chart last Friday. Despite this technical indicator, other key factors also drove ENA’s price. Over the past month, Ethena’s synthetic stablecoin, USDe, doubled its supply to $10.3 billion, surpassing FDUSD to become the third-largest stablecoin by market supply, behind only USDT and USDC. This rapid expansion, combined with $2.96 billion in USD inflows during July, pushed Ethena’s

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