Ethena's active addresses hit a 7-month high, but ENA still can't crack $0.096 😅

Ethena [ENA] rose 4.34% to $0.0941 as trading volume climbed 69.15% to $149 million, a move that coincided with a sharp pickup in network participation. Daily Active Addresses reached 5,057, the highest level since November 2025, according to data cited in market coverage. The increase in user activity came even as ENA continued to trade well below its late-2025 highs, leaving analysts to weigh whether engagement was translating into durable price gains.

Technical charts showed ENA forming an inverse head-and-shoulders pattern after finding support near $0.0715 and building higher lows around $0.086. The token broke out of a descending channel that had capped price action since early May, with buyers defending the right shoulder and pushing ENA back toward neckline resistance at $0.096. Price held above right-shoulder support through multiple rejections at the neckline. A decisive close above $0.096 would open the path to the psychological $0.10 level, though sellers continued to defend the zone.

Momentum indicators aligned with the improving structure. The Relative Strength Index [RSI] climbed to 52.81, moving above its moving average of 44.78, while the MACD printed a bullish crossover, with the MACD line at 0.0015 above the signal line at -0.0017. The histogram continued to print positive bars, indicating expanding bullish momentum, and neither indicator entered overbought territory.

Liquidation data pointed to dense clusters on both sides of the market. The largest liquidity pool sat between $0.096 and $0.098, directly above current price action, with additional pockets near $0.092 and $0.089 below. The setup left ENA positioned for a volatility-driven move as buyers and sellers continued to contest the neckline.