Ethena's ENA token is showing renewed bullish momentum after breaking above a long-term descending trendline, a move that has strengthened its market structure. Ethena is the protocol behind USDe, a synthetic dollar whose value is maintained through crypto collateral and offsetting derivatives positions, and ENA serves as its native token. Reduced selling pressure and rising token valuations underpin the recovery outlook, and analysts suggest that sustained buying could drive the token higher if key resistance is cleared and support remains intact.

At the time of writing, ENA is trading at $0.1427, with a 24-hour trading volume of $1 billion and a market capitalization of $1.4 billion. The token has gained 45.35% over the last 24 hours, and both its price structure and recent whale activity are being read as signals of a potential bullish reversal. Source: CoinMarketCap

Ethena Price Eyes $0.361 as Bulls Gain Control

According to crypto analyst The Boss, Ethena (ENA) is displaying renewed bullish momentum after breaking above a prolonged descending trendline and establishing a stronger structure above key support. In technical analysis, a descending trendline is drawn across successive lower highs, and a decisive break above it is commonly read by chart analysts as evidence that a prevailing downtrend is losing strength. After months of consolidation and accumulation, buyers have pushed the token higher toward its first major resistance near $0.139. The breakout, the analyst argues, points to weakening selling pressure and raises expectations of further upside if momentum continues. Source: The Boss' X post

At this juncture, $0.139 stands as the critical resistance level to clear for a recovery move. A successful break could set off a move toward $0.199, then $0.277, and finally $0.361. A failure at this level would likely send the price back to test the breakout zone before another attempt higher, according to the analysis. With support still intact, ENA's overall technical picture is viewed as increasingly bullish.

Ethena's ENA Transfer Records $9.59M Value Gain

On-chain data from Lookonchain shows that Ethena moved tokens valued at 170 million ENA, equivalent to $14.09 million, to FalconX three days ago. FalconX is an institutional digital-asset prime brokerage that provides execution and liquidity services to large crypto holders, which is why transfers of this size between Ethena and the firm attract on-chain attention. The very same tokens have since been transferred back to Ethena with a value of nearly $23.68 million. That represents an appreciation of $9.59 million, or 68%, reflecting the rapid rise in ENA's market value over the period. Source: Lookonchain's X post

The data does not imply that Ethena realized a $9.59 million profit, as the tokens were transferred without any confirmed sale. The increase in value is attributable solely to the rise in the price of ENA during the period. Even so, the return of such a significant amount of tokens has drawn attention to how Ethena manages its treasury and liquidity strategy.

The upward price movement follows bullish predictions and whale activity, and it also comes alongside improving momentum in the broader crypto market, where Bitcoin's price has started to move higher with strong potential.

What Happens Next?

For Ethena (ENA) to validate the bullish reversal, it must sustain its breakout level and buying pressure. If it succeeds, the token could head toward $0.199, $0.277, and ultimately $0.361. Failure at the resistance level, however, could lead to a drop back to support levels before a subsequent breakout attempt. Breakouts of this kind are generally judged by whether volume and follow-through buying confirm them in the sessions after the move, so those factors, together with the protocol's on-chain treasury movements, are among the observable checkpoints readers can follow. This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always do your own research. This is not financial advice.