- Ethena ($ENA) hit a new all-time low of $0.07038 earlier this month and is currently trading near $0.0878 — down nearly -57% year-to-date — as part of the broader 5-year extreme altcoin sell pressure we have been documenting.
- Despite the price collapse — Santiment data shows ENA recorded 5,057 daily active addresses on June 18 — its highest in 7 months — alongside 2,968 new wallets created in a single day, the largest network growth in 26 months.
- A broadening bottom pattern is forming on the daily chart — with price rejected near the 135 MA at $0.1338, falling to retest the ATL zone, and bouncing back to the current $0.0878 level.
- A reclaim of the 135 MA at $0.1031 would be the first major bullish confirmation — opening a path toward the $0.1482 upper trendline target, representing approximately +70% upside from current levels.
While the broader altcoin market continues to face five-year extreme sell pressure, Ethena ($ENA) has been one of the hardest-hit tokens. The price has crashed to a new all-time low of $0.07038 earlier this month and is currently trading around $0.0878, down nearly 57% year-to-date.
As we covered in our altcoin 5-year sell pressure extreme article — the broader altcoin market has been experiencing sustained, structural selling for 15 consecutive months, with $209 billion in net outflows. ENA’s price action fits squarely within that bearish backdrop — but the activity data suggests it may be one of the projects worth watching more closely as the broader market searches for its bottom.
ENA at a Glance — June 19, 2026
The On-Chain Surge — What Santiment’s Data Actually Shows
The most significant development in today’s analysis is not the price — it is the on-chain engagement data from Santiment, which shows a genuine and substantial uptick in network activity precisely as price has been collapsing.
5,057 daily active addresses on June 18 — the highest reading in 7 months. This metric tracks the number of unique wallet addresses interacting with the Ethena protocol on a given day — and a 7-month high suggests meaningfully more people are engaging with ENA right now than at almost any point earlier in 2026.
2,968 new wallets created in a single day — the largest network growth in 26 months. New wallet creation specifically targeting Ethena interactions is one of the cleanest signals of fresh user interest — these are not existing holders shuffling funds between addresses, but genuinely new participants entering the ecosystem for the first time in over two years.
Why this divergence matters:
When price falls and on-chain activity rises simultaneously, it typically signals one of two dynamics: either new buyers are entering at depressed valuations because they see longer-term value, or the network is experiencing a structural change — new utility, a new mechanism, or new use case — that is driving fresh engagement independent of short-term price sentiment.
In Ethena’s case, both appear to be contributing factors. The surge in activity comes amid growing discussions around:
- Potential buyback-and-burn mechanisms for $ENA — a tokenomics shift that would mirror the kind of value-accrual mechanisms we have covered extensively with Hyperliquid’s buyback engine and Aster DEX’s 198% buyback-and-burn upgrade
- Expanding utility for staked ENA — new use cases for locked positions
- Continued growth of the USDe ecosystem — Ethena’s synthetic dollar product, which remains the protocol’s core revenue-generating product
This combination suggests that while the broader market continues selling ENA on price action and macro sentiment, a meaningfully growing cohort of users is engaging with the underlying protocol for reasons connected to its actual product roadmap rather than short-term speculation.
Technical Analysis — Broadening Bottom Pattern
The price chart is presenting a classic broadening bottom reversal structure — a pattern characterised by widening price swings between an ascending upper trendline and a descending (or flat) lower trendline, which often signals the exhaustion of a downtrend when it eventually confirms.
The pattern’s recent sequence:
Rejection at the upper trendline — Price was rejected during its latest rally attempt at the 135 MA near $0.1338 — confirming the upper boundary of the pattern remains firm resistance for now.
Sharp decline to the ATL zone — Following that rejection, ENA fell sharply toward the lower trendline — touching the all-time low zone between $0.07038 and $0.07181.
Aggressive buyer defence — Buyers stepped in decisively at this critical support level — pushing price back up to the current area near $0.0878.
Current struggle — Despite the bounce off the ATL, ENA is still struggling to sustain momentum meaningfully above this zone — confirming that selling pressure remains significant even as the on-chain activity data tells a more constructive story underneath.
The broadening nature of this pattern — with increasingly volatile swings between support and resistance — is itself a signal that the market is searching for genuine price discovery after an extended directional decline, rather than continuing a smooth, low-volatility downtrend.
What’s Next for ENA — Two Scenarios
Bullish Scenario
If the broadening bottom pattern continues developing and buyers successfully reclaim the 135 MA resistance at $0.1031 — this would confirm the early stages of a bullish reversal. In that scenario, ENA’s next target becomes the upper trendline of the pattern near $0.1482 — representing approximately +70% upside from current levels near $0.0878.
The on-chain activity surge — if it continues or accelerates — would provide the fundamental backdrop that supports this technical reclaim, as growing genuine user engagement is precisely the kind of demand driver that can fuel a sustained reversal rather than a brief relief bounce.
Bearish Scenario
On the downside, a decisive break below the lower support trendline and recent low of $0.07038 would invalidate the broadening bottom pattern entirely and likely lead to further downside. Given that ENA is already down nearly 57% year-to-date within a broader altcoin market experiencing historic structural selling — a confirmed breakdown below the ATL would align the token with the most severely impaired category of altcoins currently underwater.
Bottom Line
Ethena presents one of the more compelling divergences in the current altcoin market — a brand new all-time low in price occurring alongside the highest daily active address count in 7 months and the largest network growth in 26 months. Price says capitulation. On-chain data says renewed genuine interest.
The broadening bottom pattern on the daily chart provides the technical framework to watch: a reclaim of the $0.1031 135 MA resistance would be the first major bullish confirmation, opening a path toward the $0.1482 target. A breakdown below $0.07038 would invalidate the setup and align ENA with the broader altcoin market’s deepest capitulation.
Watch whether the on-chain activity surge sustains in the coming days — that data point, more than the price action alone, may be the clearest signal of whether smart money is genuinely accumulating at these depressed levels.
Frequently Asked Questions
Why did Ethena hit a new all-time low?
ENA fell to $0.07038 as part of the broader 5-year extreme altcoin sell pressure — down nearly 57% year-to-date — consistent with the structural selling affecting the majority of the top 100 altcoins.
What does the Santiment on-chain data show?
5,057 daily active addresses on June 18 — the highest in 7 months — and 2,968 new wallets created in a single day, the largest network growth in 26 months, despite the falling price. This suggests accumulation or increased user interest even as price remains depressed.
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