$ENA is once again attracting major attention as the protocol moves toward a new token-economics model involving potential ENA buybacks, changes to investor unlocks, and expansion of its revenue strategy.
ENA is currently trading around $0.159–$0.162, after a sharp rally that pushed the token close to the $0.19 area. �
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🔥 THE BIGGEST CATALYST: ENA BUYBACKS
Ethena has proposed a new fee-switch mechanism that could direct a large portion of protocol revenue toward systematic ENA purchases.
Under the proposal, once the required USDe supply threshold is reached, 95% of applicable net revenue allocated to the Foundation could be directed toward ENA buybacks, while 5% would support growth. �
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But there is an important catch:
⚠️ The buybacks are not starting immediately.
The first buyback tier requires USDe circulating supply to reach approximately $7.5 billion. Current USDe supply is around $4.07 billion, leaving a significant gap before that threshold is reached. �
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💥 INVESTOR UNLOCK PRESSURE ALSO CHANGES
Ethena Foundation has also completed purchases of certain locked ENA from early investors who had previously sold tokens.
More importantly, the existing monthly investor unlock schedule is being changed, with remaining original investor tokens scheduled to become unlocked from 5 October 2026, ending the previous monthly unlock calendar. Team tokens remain on their existing vesting schedule. �
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This could become an important factor for ENA because traders have been closely watching potential token supply entering the market.
📊 MARKET REACTION
The fundamental announcements have arrived after an explosive ENA rally.
ENA moved from roughly the $0.08 region to near $0.19 in a relatively short period, showing a major change in market momentum. �
CryptoRank
Now the market is entering a much more important phase:
Can ENA hold the breakout—or will early buyers take profit?
📈 ENA CHART — KEY LEVELS
🟢 Support: $0.155–$0.158
🟢 Major Support: $0.148–$0.150
🔴 Resistance: $0.163–$0.166
🔴 Next Resistance: $0.180–$0.190
🚀 Major Breakout: $0.190–$0.195
If ENA successfully breaks and holds above $0.190–$0.195 with strong volume, bullish momentum could accelerate.
However, rejection around $0.163–$0.166 followed by a break below $0.155 could trigger a deeper short-term correction.
🎯 TRADER'S VIEW
BULLISH CASE 🟢
$0.155 support holds
➡️ $0.166 reclaimed
➡️ $0.180 breakout
➡️ $0.190–$0.195 resistance test
BEARISH CASE 🔴
$0.163–$0.166 rejected
➡️ $0.155 breaks
➡️ $0.150 support test
➡️ Possible move toward $0.145
🌐 ANOTHER BIG DEVELOPMENT
Ethena is also looking beyond traditional crypto markets and exploring equity perpetuals as another source of yield for USDe, potentially expanding the protocol's revenue opportunities beyond crypto-native markets. �
CoinDesk
🚨 FINAL VERDICT
ENA is no longer moving purely on speculation.
The combination of a potential revenue-backed buyback model, changes to investor unlocks, and Ethena's expansion into new revenue sources has created a much stronger fundamental narrative around ENA.
But traders should remember:
Buybacks are conditional, not immediate.
USDe growth remains a key trigger.
And after such a large rally, volatility can remain extremely high.
🔥 ENA is now at a critical decision point:
$0.155 = Bulls' defense
$0.166 = Immediate breakout level
$0.190 = Major resistance
$0.195+ = Potential new bullish confirmation
💬 ENA holders — are we going to see $0.20 next, or will ENA first return to $0.15?
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