Ethena (ENA) Price Targets $0.50 Amid Uptober Rally Chances?

With Bitcoin making a comeback above $64,000, expectations of an October rally within the crypto market are beginning to resurface. Amid the growing bullishness, the Ethena Labs token, ENA, is among the many high performers.

As the highest performer, will the bull run in Ethena proceed because the workforce proposes a brand new SOL-backed asset and a breakout rally? Learn our value evaluation now for extra info!

Ethena (ENA) Worth Evaluation

With an intraday achieve of 6.55%, the ENA token is at the moment buying and selling at $0.3817. By making a second consecutive bullish engulfing candle, ENA value motion reveals a near-term backside reversal completion.

The worth enhance continues after the 26.64% enhance final Friday. At the moment, the altcoin is difficult long-term resistance close to $0.3784, and a bullish shut at the moment will mark a breakout rally.

Trading view

Furthermore, ENA value motion additionally reveals an inverse head-and-shoulders sample, the place a neckline coincides with the overhead resistance stage. Due to this fact, the bullish breakout of this inverse head-and-shoulders sample will end in a development reversal rally for Ethena Labs.

Ethena proposes SOL as a brand new USDe-backing asset

The large rise of the ENA token comes with the latest proposal by means of the Ethena community and recommends Solana’s SOL token as a help asset for the USDe.

It will use an analogous hedging mechanism that Ethena already makes use of for Bitcoin and Ethereum perpetual futures. Given Solana’s shorter buying and selling historical past and decrease liquidity, the allocation will likely be launched step by step.

Moreover, the hypothesis reveals a $2 billion open stake in Solana. The 2024 funding charges present a positive state with a chance to extend Ethena’s alignment with the Solana ecosystem and its community revenues.

The proposal suggests an open SOL curiosity of $100 million to $200 million, representing 5-10% of the Solana market. Moreover, the addition of Binance and Bybit Liquid Stakes SOL, BNSOL and bbSOL respectively can also be really useful to make sure that the overall SOL allocation doesn’t exceed one-third of the amount.

The proposal is topic to a unanimous vote on the Ethena Community, which the Danger Committee will implement inside the subsequent seven days.

Technical indicators:

MACD indicator: The bullish continuation within the MACD and sign strains results in a constructive crossover.

Will the ENA value claw again $0.50?

Primarily based on the Fibonacci ranges, the restoration rally is anticipated to succeed in the Fibonacci stage of 23.60% on the psychological stage of $0.50. Furthermore, the following bullish goal awaits on the 50% Fibonacci stage at $0.83, with delicate resistance at $0.66.

Then again, the 50-day EMA is current as essential help for the ENA value development at $0.30.

Will Ethena’s Breakout Rally Attain $1 This 12 months? Learn extra in our ENA value forecast.