This level of dominance is unmatched across DeFi verticals, surpassing even the likes of Uniswap (20% share in DEXs with 1,697 competitors) and Aave (45% share in Lending with 534 protocols).
Sector Market Share | Source: Conor Ryder
“Synthetic dollars/perp funding rates are one of the few opportunities in the industry today that can generate >$1bn of revenues,” Ryder said, emphasizing the uniqueness of Ethena’s positioning. “Ethena has >80% share of the entire sector with less than 30 competitors. Billions will flow to the winner.”
ENA Price Analysis: ENA/USDT Soars on Momentum
Following Upbit’s listing news, ENA surged by 20%, climbing from $0.3176 to a session high of $0.3900 before settling at $0.3634 at press time.
The price has erupted above the upper Bollinger Band ($0.3282), indicating a strong breakout from consolidation. The middle band ($0.2758) now acts as near-term support.
Meanwhile, the RSI is sitting at 89.80, an extremely overbought condition. The MACD line (blue) has crossed significantly above the signal line (signal), confirming bullish momentum.
ENA Daily Chart with Momentum Indicators | Source: TradingView
Finally, the Balance of Power is at 0.57, showing buyers are in full control of the market, a healthy sign of accumulation.
Based on the current trajectory, ENA could retest the immediate resistance at $0.3900 once again with a breakout target in the $0.42–$0.45 range.
Also, any minor correction could present a buying opportunity if the price remains above the $0.30 psychological level and continues to hold its breakout range.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.