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- Ethena’s ENA surged 33%, reaching $0.3887 amid growing investor excitement.
- A proposal to add Solana as a backing asset fuels ENA’s momentum.
- Traders eye a potential breakout to $0.50, with upcoming price targets to watch.
Ethena’s ENA has surged, jumping 33% in just one week. Investors are excited, pushing the price to $0.3887. A recent proposal to add Solana (SOL) as a backing asset for USDe has fueled this momentum. With this growing excitement, traders are eyeing the $0.50 target. As of writing, ENA is the biggest gainer on Binance, as the post below highlights.
🟢 Ethena (@ethena_labs) is New Gainer on Binance.$ENA
🌐 https://t.co/Dl9liNAc3q
🚀 Price: $0.41
📈 24h change: 14.4%
24h Volume: $437,590,112
Mcap: $1,118,758,237
𝐄𝐭𝐡𝐞𝐧𝐚 Key updates you should know:
(in the next tweet)— Binance Gainer Alert 🚨🚨🚨 (@CoinGainerAlert) October 14, 2024
Ethena’s Breakout Rally Gathers Steam
The price chart for Ethena tells a strong story. An inverted head-and-shoulder pattern has formed, indicating a solid uptrend. Recently, the rally reached $0.41 before a minor pullback. Currently, ENA hovers around $0.3918, struggling to hold above the 61.80% Fibonacci level.
However, this doesn’t mean momentum has faded. A golden crossover between the 50 and 200 EMAs approaches, suggesting continued bullish activity. Furthermore, technical indicators like the MACD reflect strong positive sentiment.
The Impact of Adding Solana as a Backing Asset
A major reason behind ENA’s growth is the proposal to include Solana as a backing asset for USDe. This plan mirrors Ethena’s existing hedging system with Bitcoin and Ethereum perpetual futures.
Along with SOL, Binance and Bybit liquid-stake versions of SOL will also be considered. Traders eagerly await the Risk Committee’s decision, expected in seven days. The bullish trend suggests that reaching $0.50 is possible.
Upcoming targets based on Fibonacci levels stand at $0.4431 and $0.5086. If ENA breaks through these price levels, new records might follow. However, caution is necessary. Should the rally falter, a retreat to $0.3557 or even $0.3196 could occur.
Ethena’s recent momentum positions ENA close to the $0.50 mark. The excitement around the proposed inclusion of Solana as a backing asset has ignited bullish sentiment. For now, traders remain optimistic as ENA’s trajectory continues to unfold.