The presenter discusses ENA/USDT, noting strong performance since July 20th and resilience during market pullbacks. Technically, the analysis finds that ENA has been very bullish. The total value locked (TVL) in the Ethena protocol is over $10.25 billion, ranking it as one of the largest on Ethereum and is a large volume. Ethena currently sits at a 4.8 billion market cap. The analysis notes daily tokens being allocated to investors and contributors may cause selling. The volume and momentum are high, with divergences noted; RSI is making lower highs while price makes higher highs. The analysis concludes by expecting a likely rally to $0.90, with caution advised. A pullback to 0.66 may happen.