Ethena price surges 65% following $1 billion FalconX deal

Ethena (ENA) experienced a significant price surge, gaining approximately 65% over a seven-day period to reach an intraday high near $0.145. The rally follows the announcement of a $1 billion secured warehouse facility established in partnership with FalconX.

Under this new arrangement, assets backing Ethena’s USDe synthetic dollar will be used to fund overcollateralized loans to institutional borrowers. FalconX will be responsible for originating and servicing these loans while managing the collateral through qualified custodians. Ethena will maintain a first-priority security interest in the assets within the lending vehicle.

Market analysts note that while the price action has been strong, the 4-hour Relative Strength Index (RSI) reached 93.97, suggesting the rapid rally may be overheated. The breakout follows a period of relative weakness where the token traded between $0.07 and $0.10.