Ethena (ENA) Bulls Target 150% Gains on Sustained $0.46 Breakout

Ethena (ENA) has re-entered a critical price range that analysts suggest could signal a significant upward movement in the coming weeks. The token is currently testing a key support zone between $0.37 and $0.45, a level that has historically acted as both a resistance and a potential catalyst for further gains. A sustained breakout above $0.46 may validate short-term price targets of $0.63, with extended expectations reaching as high as $1.00, representing a potential 150% increase from current levels. This scenario hinges on maintaining bullish momentum, supported by recent market activity and technical indicators.

Market fundamentals appear to align with the optimistic outlook. Exchange outflows have exceeded 693,000 tokens in the past week, signaling strong accumulation by long-term holders. Additionally, a $5 million daily buyback program by StableCoinX, a key participant in the ENA ecosystem, is expected to continue for several weeks, injecting consistent demand-side pressure into the market. Futures open interest has also risen, reflecting increased speculative positioning for higher prices. On-chain metrics further reinforce this trend, with total value locked (TVL) and protocol usage expanding, indicating growing real-world adoption and utility for the asset.

From a technical perspective, ENA’s price action has demonstrated resilience despite a multi-phase correction. The 200-day moving average currently acts as a strong support level at approximately $0.4279, while the MACD histogram suggests the potential for a bearish crossover if downward momentum intensifies. However, the price has remained within a tight range recently, avoiding volatile swings that might otherwise disrupt the bullish setup. A sustained close above $0.46 is seen as a critical threshold; achieving this could trigger a sharp rally toward $0.63 in the near term. If this trend persists, the $1.00 level may become a realistic target.

The retest of this key zone is significant not only for its price implications but also for its psychological impact on market sentiment. ENA has previously struggled to maintain positions above $0.50, leading to a correction after a failed breakout. However, the current support structure appears more robust, with historical resistance now serving as a foundational base. Analysts note that such patterns often precede substantial breakouts, particularly when accompanied by rising demand and strong on-chain activity. While risks remain—particularly if the price fails to defend the 200-day MA—the overall structure suggests a high probability of a sustained upward move.

The potential for a 150% surge is contingent on several factors, including continued buyback programs, stable open interest, and protocol growth. If these conditions persist, ENA could solidify its position as a key player in the altcoin market. Investors are advised to monitor the $0.46 level closely, as a breakout here would likely accelerate the trajectory toward higher targets. Conversely, a breakdown below the 200-day MA could extend the correction phase, emphasizing the importance of securing critical support levels in the near term.

Source: [1] [title: Ethena (ENA) Price Eyes 150% Surge as Bullish Retest Gains Momentum] [url: https://coinpedia.org/price-analysis/ethena-ena-price-eyes-150-surge-as-bullish-retest-gains-momentum/]