Ethena sees 65% upside as ecosystem growth fuels rally

Ethena (CRYPTO:ENA) has surged 24.4% in the past week, with analysts predicting an additional 65% upside ahead.

The cryptocurrency, best known for its USDe (CRYPTO:USDE) stablecoin, broke out of a rare bullish pattern on the one-day charts, suggesting further gains.

Ethena’s market cap recently surpassed $1.14 billion, up 200% since September, with daily trading volume exceeding $318 million.

According to anonymous trader CryptoBull_360, Ethena has broken out of an inverse head and shoulders pattern, signaling a potential bullish reversal.

The trader expects ENA to reach $0.68, marking a 65% increase from its current price.

Other analysts, such as MisterSpread, share similar sentiments, predicting a short-term rise to $0.52 if ENA maintains support above $0.42.

The rally has been supported by a rise in futures open interest, which reached $227 million, and increased whale accumulation.

Smart decentralised exchange traders have also shown confidence in ENA’s potential by acquiring over 2.25 million tokens, valued at $932,500.

Ethena’s ecosystem growth is a key catalyst, driven by its proposal to integrate liquidity and hedging systems into Hyperliquid, a decentralised exchange for perpetual trading.

The integration aims to enhance transparency and reduce counterparty risks.

Additionally, Ethena plans to expand DeFi integrations by adding its USDe stablecoin to Hyperliquid’s Layer 1 platform upon the launch of its EVM mainnet.

At the time of writing, the Ethena (ENA) price was $0.3982.