24h volume and liquidity of 210 million USD flowed into $ENA . The price rose from 0.1361 to 0.1431, a 4.6% gain. This volume-price coordination isn’t really shocking compared with the recent market tape, but there’s a detail that’s quite intriguing—when the low touched 0.1361, there was no sign on-chain of large sell-off addresses making a big move. I’ve been looking at what a few big V’s have been discussing these past couple of days: the changes in Ethena’s USDe supply. Put simply, in this track right now, the competition is whether the stablecoin narrative can absorb the spillover capital from the RWA wave. $ENA , as a governance token, has always had higher price elasticity than the underlying assets—when it climbs, it moves fast; when it falls, it’s just as decisive. Fees are still slightly positive for now and haven’t reached an overheated range. The 24h high of 0.1488 is a near-term resistance—whether it can push through with volume is the key.

$ENA #行情分析 #on-chain data