Ethena ranks third in stablecoin revenue, with over $500M fees and $9.8B TVL reported.
Ethena (ENA) is showing a bullish flag pattern on the 2-day chart. Traders are watching this setup as a possible sign of a new price rally, with long-term targets reaching as high as $3.00. This follows a recent pullback triggered by profit-taking in the market.
Ethena had a strong rally in October following the success of Terminal Finance’s pre-launch. The token reached above $0.53 before falling to $0.395 by the end of October. This 9% daily drop came as traders reacted to the hype with short-term selling.
According to analysts, the recent dip may be due to traders securing profits rather than weakness in the project itself. The market often reacts this way after big announcements. The 24-hour trading volume dropped to $273 million, and daily price movements reflected lower demand during the correction.
As of press time, Ethena was trading at $0.388715 USD with a 24-hour trading volume of $ 244.80. Ethena is down 1.43% in the last 24 hours.
ENA is trading near the $0.39 support level, which is being closely monitored. A rebound from this level could lead to a test of the $0.66 resistance. On-chain data shows $0.34 and $0.45 as essential support zones. The buyers may re-enter if the price remains in the $0.40-$0.45 range.
The broader market remains cautious. The Crypto Fear & Greed Index has dropped to 34, indicating a low risk appetite among investors. This environment has affected many altcoins, including ENA. Trading volume and liquidity also saw slight declines across major exchanges.
Despite this, Ethena continues to hold strong on-chain performance. The protocol’s total value locked (TVL) is approximately $9.8 billion, and protocol fees have exceeded $500 million annually. Ethena ranks third in revenue among decentralized stablecoin platforms, following Tether and Circle.
Ethena’s recent price action suggests the continuation of an earlier upward trend. A bullish flag, typically seen as a pause before a breakout, has formed on the 2-day chart. This pattern usually occurs after a sharp rise and reflects a short period of consolidation.
If the pattern plays out as expected, analysts see potential price targets at $0.67, $0.88, $1.32, $2.00, and even $3.00. These targets are based on past resistance levels and projected trend continuation. While the pattern appears strong, market watchers remain cautious due to broader market conditions.
