Ethena (ENA) Price Prediction as Annual Revenue Increases and a Chainlink Whale Buys Its Token

Ethena (ENA) price continued rising for the second day in a row on March 8 as Chainlink whale bought its token and annual revenue crossed $223 million in just eight months.

The apex cryptocurrency rose to an intraday high of $1.07, crossing the critical resistance level of $1 for the first time in over a week.

As Ethena price continued rising, a whale converted 84,370 Chainlink (LINK) tokens, valued at $1.9 million, into ENA tokens, on-chain data from LookOnChain revealed.

The transaction suggests the whale expects Ethena to outpace Chainlink in the long term. It could also indicate a desire to diversify his portfolio.

According to DeBank, the whale still holds Chainlink tokens worth $2.2 million. His portfolio also includes cryptocurrencies like Pepe, Auki, Music, Groyper, and Ethereum, with total holdings valued at $18 million.

The new development comes as Ethena, known for its stablecoin Ethena USDe (USDE), continues to perform well in the crypto market.

The stablecoin, which is pegged to the U.S. dollar, has now crossed $5.8 billion in assets, making it the third-biggest stablecoin after Tether and USD Coin.

While being the third-largest stablecoin in the market, USDE is also known for being a risky stablecoin because of its returns.

According to its website, USDE has an annual yield of 10%, which is significantly higher than the returns offered by short and long-term bonds.

In another development, Ethena launched USDtb in December, a stablecoin backed by Blackrock's BUIDL Fund. The stablecoin has crossed $70 million in assets since its launch.

Ethena has also become a highly profitable network, generating over $223 million in fees in just eight months, according to TokenTerminal.

On the technical front, ENA price on the daily chart showed strong technical indicators. The token formed a bullish pennant chart pattern, which is characterized by a long vertical line and a symmetrical triangle.

The triangle section also represents the handle of a cup and handle (C&H) pattern, which began forming in June last year.

C&H patterns usually lead to further gains, and in this case, the depth of about 80% suggests that the coin could surge to $2 during the ongoing crypto bull run.