Ethena’sENAsurged33%,reaching$0.3887amidgrowinginvestorexcitement.
AproposaltoaddSolanaasabackingassetfuelsENA’smomentum.
Traderseyeapotentialbreakoutto$0.50,withupcomingpricetargetstowatch.
Ethena’sENAhassurged,jumping33%injustoneweek.Investorsareexcited,pushingthepriceto$0.3887.ArecentproposaltoaddSolana(SOL)asabackingassetforUSDehasfueledthismomentum.Withthisgrowingexcitement,tradersareeyeingthe$0.50target.Asofwriting,ENAisthebiggestgaineronBinance,asthepostbelowhighlights.
🟢Ethena(@ethena_labs)isNewGaineronBinance.$ENA
🌐https://t.co/Dl9liNAc3q
🚀Price:$0.41
📈24hchange:14.4%
24hVolume:$437,590,112
Mcap:$1,118,758,237𝐄𝐭𝐡𝐞𝐧𝐚Keyupdatesyoushouldknow:
(inthenexttweet)—BinanceGainerAlert🚨🚨🚨(@CoinGainerAlert)October14,2024
Ethena’sBreakoutRallyGathersSteam
ThepricechartforEthenatellsastrongstory.Aninvertedhead-and-shoulderpatternhasformed,indicatingasoliduptrend.Recently,therallyreached$0.41beforeaminorpullback.Currently,ENAhoversaround$0.3918,strugglingtoholdabovethe61.80%Fibonaccilevel.
However,thisdoesn’tmeanmomentumhasfaded.Agoldencrossoverbetweenthe50and200EMAsapproaches,suggestingcontinuedbullishactivity.Furthermore,technicalindicatorsliketheMACDreflectstrongpositivesentiment.
TheImpactofAddingSolanaasaBackingAsset
AmajorreasonbehindENA’sgrowthistheproposaltoincludeSolanaasabackingassetforUSDe.ThisplanmirrorsEthena’sexistinghedgingsystemwithBitcoinandEthereumperpetualfutures.
AlongwithSOL,BinanceandBybitliquid-stakeversionsofSOLwillalsobeconsidered.TraderseagerlyawaittheRiskCommittee’sdecision,expectedinsevendays.Thebullishtrendsuggeststhatreaching$0.50ispossible.
UpcomingtargetsbasedonFibonaccilevelsstandat$0.4431and$0.5086.IfENAbreaksthroughthesepricelevels,newrecordsmightfollow.However,cautionisnecessary.Shouldtherallyfalter,aretreatto$0.3557oreven$0.3196couldoccur.
Ethena’srecentmomentumpositionsENAclosetothe$0.50mark.TheexcitementaroundtheproposedinclusionofSolanaasabackingassethasignitedbullishsentiment.Fornow,tradersremainoptimisticasENA’strajectorycontinuestounfold.
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