Ethena (ENA) has experienced a 7% price increase, trading at approximately $0.6220, driven by a surge in trading volume and strategic partnerships. The token's recent momentum is attributed to its collaboration with the Sui Foundation and SUI Group, which introduced synthetic and stablecoin products, suiUSDe and USDi, backed by BlackRock’s BUIDL fund. These initiatives are designed to enhance DeFi adoption on the Sui network and facilitate revenue generation for SUI and ENA buybacks. Institutional investors, including MEXC Ventures and StablecoinX, have significantly bolstered their support, committing $30 million and $260 million to ENA, respectively. Whale wallets have accumulated over 79 million ENA, with the token's circulating supply now at 42% of its maximum, indicating reduced liquidity. On-chain metrics reflect a bullish outlook, with ENA surpassing $0.62 and approaching key resistance at $0.74, suggesting potential further gains.