Ethena's ENA token climbed to $0.269, marking a 277% increase from its July 1 low of $0.071. The token trades above both its 7-day and 30-day moving averages — a widely watched bullish technical signal — and has gained 31.6% over the past week. Traders are now watching the $0.30 resistance level as a potential turning point for the token's next move.

The rally coincides with two major developments for the protocol: a partnership with Binance that extends Ethena's basis trade strategy into equity perpetuals markets, and a new governance proposal that could direct up to 95% of protocol revenue toward ENA buybacks.

Staking Growth Signals Rising Confidence in ENA

Roughly $90 million worth of ENA was newly staked over the recent period, according to data shared by 10x Research, pushing the total locked supply of the token to nearly $1.26 billion. Stablecoin market capitalization tied to the protocol also rose by $35.8 million in a single day.

ENA is at $0.269, up 277% from its $0.071 low on Jul 1. What is going on? *** Ethena (ENA-USDT is above the 7-day moving average -> bullish, and is above the 30-day moving average -> bullish, with 1 week change of +31.6%) *** Adding $35.8 million in stablecoin market cap in a… pic.twitter.com/vIifRa7XHl

— 10x Research (@10xResearch) September 26, 2026

The increase in staked supply suggests holders are choosing to lock rather than sell into the rally. A growing staked base can reduce the circulating supply available for trading, a dynamic that often supports price stability during periods of heightened volatility.

Binance Wallet also introduced a new incentive tied to Ethena's stablecoin, USDe. Through its Hold to Earn program, users can access up to 4.75% annual percentage yield simply by holding USDe. The offering gives everyday Binance users a direct incentive to hold the stablecoin, expanding its distribution beyond DeFi-native audiences into the broader retail base.

Separately, Ethena's community is reviewing a major governance proposal that calls for a fee switch directing up to 95% of net protocol revenues toward ENA token buybacks. Fee switches are among the most closely watched mechanisms in decentralized finance because they link a protocol's underlying revenue to its token. If approved, the mechanism would tie protocol earnings more directly to token holders. Buyback programs of this kind have historically supported token valuations across the sector.

Binance Partnership Expands Collateral Reach for USDe

Ethena announced a partnership with Binance to extend its basis trade strategy into equity perpetuals, with the exchange serving as the first venue for the extension. The move represents one of the biggest updates to USDe's collateral backing since the stablecoin launched.

The company stated that the partnership expands its addressable collateral market from roughly $2.5 trillion in crypto assets to more than $150 trillion in real-world assets, opening the door to a substantially larger pool of backing assets. That matters because the composition of a stablecoin's collateral is central to how its backing is assessed.

Ethena is partnering with @Binance as our first venue for the extension of the basis trade into equity perpetuals, one of the most exciting updates to the USDe collateral backing since launch. This expands the addressable market of underlying collateral from $2.5 trillion of… pic.twitter.com/be4Mz7XHk1

— Ethena (@ethena) September 25, 2026

Under the arrangement, bStocks will function as tokenized spot collateral, with positions hedged using Binance's USDT-denominated equity perpetual contracts. In a basis trade of this kind, spot holdings are paired with offsetting derivative positions, aiming to neutralize exposure to the underlying asset's price swings and capture the spread between the two legs. Ethena described this as the same delta-neutral structure it has used across crypto assets since inception.

Binance is also providing lower auto-deleveraging priority for eligible delta-neutral accounts, including Ethena's own positions, adding a layer of risk mitigation for USDe holders.

Binance's equity basis has averaged more than 11% annualized over the past six months, and open interest in that market has grown by roughly 30% per month over the last three months. Ethena expects the equity perpetuals opportunity to eventually surpass the $15 billion in crypto perpetuals it captured during the previous market cycle. Allocations under the new partnership began immediately following the announcement.

Analysts Eye $0.30 as the Next Key Price Level

Independent analyst Giannis Andreou described $0.30 as a decisive level for ENA's next directional move, with the token trading just below that resistance following its recent rally.

$ENA IS AT A MAJOR DECISION POINT $ is now trading right below the $0.30 resistance after a strong move higher. For me, this level decides the next big move. If ENA breaks $0.30 and holds above it, I see a higher-probability path toward $0.36 first, with room for much… pic.twitter.com/BzKY7QK79a

— Giannis Andreou (@gandreou007) September 26, 2026

Andreou noted that a confirmed break and hold above $0.30 would strengthen the bullish case for further gains, pointing to $0.36 as the next potential target if that breakout materializes. He placed roughly 70% probability on the bullish breakout scenario continuing to play out, saying momentum could carry ENA well beyond the $0.36 mark if buying pressure persists. Sustained volume above resistance would likely be needed to confirm this path.

On the downside, Andreou assigned about 30% probability to a deeper correction and identified $0.263 as the key support level to watch. A drop below that threshold would weaken the current setup and open room for a more pronounced pullback in ENA's price.

For readers tracking what comes next, the outcome of the governance proposal, the pace of new staking inflows, and ENA's behavior around the levels Andreou identified offer concrete markers in the sessions ahead.

Source: Blockonomi