Ethena ENA On-Chain Activity Hits Multi-Month High as Price Holds Near $0.09

Ethena ENA active addresses hit 5,057, highest since November 2025, as ENA trades near $0.09 after a 92% pullback.

Ethena’s ENA token is seeing renewed market focus after a sharp rise in on-chain activity. Daily active addresses reached 5,057, marking the highest network use since November 2025.

The increase comes as ENA trades near $0.09 after a steep decline from its late 2025 highs. The token has fallen about 92%, leaving traders focused on whether selling pressure has started to fade.

At the same time, new wallet creation has increased alongside daily address growth. This shows more users are interacting with the protocol while price remains near lower levels.

Traders are now watching whether this rise in network use can continue. If activity stays elevated, ENA could build a stronger base near its current price range.

Ethena Active Addresses Reach Multi-Month High

Ethena recorded 5,057 daily active addresses, according to recent on-chain data. 

This marked the network’s highest daily address count since November 2025. The increase showed stronger user activity across the protocol.

The latest move also came with rising new wallet creation. That added another sign of stronger participation from users entering the network. As a result, Ethena’s activity moved above recent monthly levels.

Higher active addresses often show more use across a protocol. However, they do not confirm a price recovery by themselves. 

Traders still need to watch whether activity remains steady over several sessions.

ENA Price Holds Near $0.09 After Sharp Pullback

ENA traded near $0.09 as the activity data gained attention. The token remains far below its late 2025 peak after a reported 92% correction. 

This decline removed much of the earlier speculative premium from the market.

The price area near $0.09 has now become important for short-term traders. Buyers are watching whether ENA can hold this zone after months of selling pressure. 

A stable base could help reduce downside pressure if demand improves. Still, the wider price structure remains weak after the large pullback. 

ENA needs stronger buying volume before traders can confirm a trend shift. Until then, the token remains in a recovery attempt rather than a confirmed rebound.

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Network Growth Creates Fresh Market Debate

The gap between rising activity and weak price action has become the main focus. 

Ethena’s network is showing more user movement, while ENA still trades near lower levels. This contrast has placed the token back on trader watchlists.

Some market participants see higher wallet activity as a possible early signal. 

However, on-chain growth must continue before it can support stronger market confidence. Short bursts of activity can fade if users do not remain active.

For now, Ethena’s latest data shows stronger protocol use during a weak price phase. 

The next test is whether daily active addresses stay elevated while ENA holds near $0.09. 

That combination will decide whether traders continue watching for a broader bottom formation.

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