TLDR:Ethena TVL hit $7.72B, rising 40% since early July, with $USDe driving most of the growth.ENA surged nearly 3x from $0.25 to $0.67, breaking past resistance with strong volume.Crypto Patel suggests a long-term $5 target for ENA, but flags potential downside risk.Ethena prepares to launch stablecoin_x, fueling further interest and protocol activity.Ethena is gaining fast. Both in locked value and token price. The protocol’s TVL just hit a new all-time high, while ENA nearly tripled in value. The numbers suggest more than just hype; momentum is building. And traders are now watching the next target levels closely.According to data shared by CryptoRank, Ethena’s total value locked reached $7.72 billion. That’s a 40% jump since the start of July.ENA Price Climbs as Volume ExplodesENA’s price rose sharply from under $0.25 to above $0.67 within days. According to market data, this nearly 3x gain happened in a short, aggressive rally.$ENA pumped hard from below $0.25 to over $0.67 That’s nearly 3x gains in just days Targets 1 & 2 done. Long-term target? $5 with high risk, high reward.If you’re in early, think about booking some profits or securing your principal and riding the rest.Who else is holding… https://t.co/poOQa3L39G pic.twitter.com/NQ2OFpqgUs— Crypto Patel (@CryptoPatel) July 28, 2025Crypto analyst Crypto Patel shared a chart showing ENA’s breakout after reclaiming the $0.4416 level. The move above that price kicked off stronger momentum, reaching a second target near $0.6688.Volume also surged during the rally, often signaling strong buyer interest. This added weight to the bullish trend.New TVL Milestone for EthenaEthena’s growth isn’t just about the token. The protocol’s core metric, total value locked, is climbing steadily.CryptoRank reports that $USDe, Ethena’s native stablecoin, now accounts for 73% of the locked value. That dominance indicates users are actively locking in the asset, possibly to earn yield or participate in platform incentives.The upcoming launch of a new product, referred to as stablecoin_x, is also fueling interest. With Ethena now ranked eighth in total TVL across the crypto ecosystem, its position is growing stronger.Ethena reaches new ATH in TVL@ethena_labs TVL reached $7.72 billion, marking over 40% growth since July 1. $USDe is the dominating asset with 73% share.The upcoming launch of @stablecoin_x is fueling the growth. Ethena now ranks as the #8 project by TVL across all crypto. pic.twitter.com/T31gTySU1a— CryptoRank.io (@CryptoRank_io) July 28, 2025Despite the surge, traders are treating the next move cautiously. Crypto Patel suggested a longer-term target of $5 for ENA, but warned that it comes with higher risk.In such volatile moves, early investors often lock in some profits to reduce exposure. That’s a common play in cycles where price can retrace as fast as it rises.Still, with momentum high and new launches in the pipeline, Ethena and ENA remain in focus. Traders are watching to see if the next breakout confirms the bullish narrative or fades under pressure.The post Ethena Surges in TVL and Price, Targets Set as ENA Climbs Nearly 3x appeared first on Blockonomi.