Why is the ENA price continuously pumping?

ENA has been in the spotlight these past couple of days, and the medal has organized the factors contributing to ENA's rise.
In fact, if the adoption of USDe accelerates and buybacks continue, the price of ENA may further rise, but overbought signals and whale-driven volatility pose risks.
USDe rise (TVL pump 50% to $8.44 billion) and $260 million buyback plan

The regulatory benefits brought by the USDtb stablecoin compliant with the GENIUS Act.
The technical resistance level is around 0.70 to 0.75 USD, with an RSI of 68.92.

In-depth exploration
1. Project-specific catalyst
Adoption of USDe
The supply of synthetic dollars from Ethena has surged to $7.54 billion, making it the third largest stablecoin. Driven by integrations with Aave, Morpho, and Coinbase, the total locked value (TVL) has reached $8.44 billion (a 50% increase in July).
Change in the token economic landscape
: The $260 million buyback plan launched by StablecoinX (from July 21 to 25) could reduce the circulating supply by about 8% in August. At the same time, the new vesting rules require locking 50% of the airdropped ENA to align the incentives for long-term holders.
2. Technical Outlook
Key level
: The immediate resistance level is between $0.70 and $0.75 (Fibonacci 61.8% retracement level). A breakout may target $0.85 to $1.00. Support levels are at $0.60 (50-day moving average) and $0.50.
momentum
: The MACD histogram remains positive (+0.0126), but the RSI is at 68.92, indicating a risk of consolidation in the near term.
3. Emotions and Market Dynamics
whale activity
In late July, 79.25 million ENA were accumulated, but whales control 75.76% of the supply, increasing volatility risk.
regulatory advantages
: The collaboration with Anchorage Digital makes USDtb the first stablecoin compliant with the GENIUS Act, attracting institutional interest.

Conclusion
The price trend of ENA depends on whether USDe can continue to rise, whether it can break through technical resistance levels, and whether it can effectively manage whale-driven liquidity. Please pay attention to the attempt to break through 0.70 dollars and the completion of the buyback in August.