The Ethena (ENA) price has recently witnessed a strong price surge, fueled by multiple bullish catalysts. Key drivers include its high-profile listing on South Korea’s Upbit exchange, growing institutional adoption via Coinbase integration, and impressive protocol revenue milestones. These developments have significantly boosted investor confidence, leading to a sharp uptick in trading volume and price action. With over $290 million in revenue and a solid burn mechanism in place, ENA is gaining momentum, reinforcing its position as a rising force in the DeFi space.
Here are the top reasons why the ENA price is rising:
- Listing on Upbit has emerged as the major catalyst of the current rally, as the prices jump by over 20% following a massive rise in the trading volume
- Ethena Labs announced the integration of USDe hedging via Coinbase International using ClearLoop. These partnerships could broaden institutional access, reinforcing confidence in the protocol
- The platform has surpassed $290 million in protocol revenue, making it the second-fastest to reach $100 million.
Besides, here are the top reasons why the ENA price may continue to rise:
- Upcoming Token Unlocks: Token distributions may create short-term sell pressure
- The resistance appears to be pretty strong, and hence, a breakout beyond the range could help the price achieve higher targets
- Sustainability of yield model: if future funding rates compress further, USDe yield attractiveness could wane, impacting long-term economics
Ethena Price Analysis: How High Can ENA Price Go?
Ethena price has broken above the crucial descending trend line, which was acting as a strong resistance since May. Besides, the trading volume surged above $1.2 billion, a rise of over 370%, soon after the listing on South Korea’s exchange, Upbit. The ENA price broke above the falling wedge pattern and hence now appears to be primed for a 40% rise.
The wider perspective of the ENA price seems to be bullish, as the token has begun with a parabolic recovery. The supertrend has flipped to bullish, signifying the beginning of an uptrend. On the other hand, the OBV has displayed a parabolic curve, suggesting a sudden rise in the buying pressure. This also suggests a potential upward price movement, which could further pave the way for higher targets.
However, to validate the upcoming move, a rise above $0.5 is very crucial, which could help the token to complete a huge double-bottom pattern. Once the Ethena price breaks out from the pattern, the token could enter a discovery phase and eventually discover new highs.
