ENA's Bull Flag Rises: Could Ethena Double in 2025?

A significant transaction involving the governance token of the Ethereum-based synthetic dollar protocol, Ethena (ENA), has recently drawn attention. A suspected Flowdesk address deposited 6.7 million ENA tokens to Binance, a major cryptocurrency exchange, six hours ago. This move adds to growing discussions surrounding the token’s price trajectory and market dynamics.

The ENA token, currently valued at $0.74, has seen a surge in trading activity, with a 24-hour trading volume surpassing $436 million. Analysts such as @TehLamboXcharts and @Ali_charts on X have highlighted a bull flag breakout for ENA, signaling a potential upward trend. This pattern historically correlates with price increases of 20–50% in bullish markets, according to research from Warrior Trading (2023). If the momentum sustains, the token could break through a key resistance level of $0.77 and target $1.50 or even $2.

In tandem with these technical signals, analysts have provided price forecasts. Crypto analyst @AltcoinSherpa anticipates ENA reaching $0.85 in the short term, based on ongoing bullish momentum following a July trend reversal. The token’s market cap currently stands at $5.1 billion, with resistance levels at $0.85 being closely watched by traders. Historical patterns suggest that such resistance levels experience pullbacks in 70% of cases, while bull flag patterns succeed in 65% of cases to produce similar gains.

Ethena’s underlying fundamentals also support a positive outlook. The protocol, which offers a decentralized, censorship-resistant synthetic dollar (USDe), has a total value locked (TVL) of over $6.3 billion, placing it among the leading DeFi protocols. Its innovative mechanisms, including delta-hedging and yield generation, as well as the upcoming launch of the Internet Bond, are expected to enhance investor confidence. According to Deloitte (2021), 87% of enterprises plan blockchain investments by 2025, indicating broader acceptance of such projects beyond speculative trading.

The crypto community has been actively following ENA’s price action, with traders expressing optimism about its future. However, some skepticism remains. Analyst @AquirreM63538 has questioned the sustainability of the recent breakout, emphasizing the importance of sustained trading volume and adoption trends. Meanwhile, tools such as the TD Sequential countdown have also been used to gauge potential price reversals, suggesting a trend shift since July 2025 that aligns with historical success rates in volatile markets.

Looking ahead, short-term forecasts for ENA range between $0.85 and $1, with long-term projections suggesting potential price increases of over 300% by 2030. Analysts caution, however, that the token remains sensitive to broader market volatility, with expected trading ranges between $0.56 and $0.75 in October 2025. Investors are advised to monitor ENA’s trading volume, resistance levels, and overall market sentiment as key indicators of its next move.