- ENA price reclaims crucial support, signaling a bullish pattern similar to its 2024 breakout.
- Analyst projects a potential rally to $1.25 if it breaks and holds above the resistance level.
- Rising open interest and positive funding suggest strong trader confidence in ENA’s uptrend.
Ethena’s native token, ENA, is showing signs of a major breakout. After months of consolidation, the asset is reclaiming key levels. This move has sparked interest across the crypto market, with traders watching for a repeat of last year’s rally. In November 2024, ENA surged 120% in just 22 days. That breakout began at the same $0.51 support level the price has now reclaimed. At press time, the token was trading near $0.63 after gaining over 1.5% in 24 hours.
Retesting Crucial Resistance After Failed 2024 Breakout
ENA previously struggled at the $0.65 resistance zone. In late 2024, the asset briefly broke above this level. However, it quickly reversed, forming a potential bull trap. Prices fell sharply afterward, bottoming out near $0.24. That reversal formed the basis for a long accumulation phase. As buying momentum returned, the token began a strong upward trend.
As of this week, ENA is once again testing the $0.65 resistance. This time, the chart shows a stronger market structure. Analysts point to increased volume and conviction. A breakout above this level could signal a move toward the $1.25–$1.40 zone.
Crypto analyst Ali shared the chart comparing the current setup to the 2024 breakout. He noted that the previous rally followed a similar reclaim of support. A grey projected path shows a possible breakout above $0.70. That path targets $1.25 as a medium-term goal. Key levels include the mid-range at $0.65 and resistance above $1.25.
Bullish Momentum Builds as Open Interest Rises
Recent market activity supports the bullish view. Open Interest (OI) in ENA futures has climbed back above $1 billion. This follows a short dip to $916 million after last week’s price drop. Open Interest reflects the number of outstanding contracts. Increased OI is usually an indication of increasing trader conviction. Many investors are entering long positions, betting on continued upside. Funding rate also remains positive, which also confirms a bullish sentiment.
Technical momentum matches this trend. ENA is forming higher lows and higher highs on the 12-hour chart. It has broken out of months of sideways movement and strongly followed through above $0.60. The next major resistance is at $0.70. In case ENA breaks and sustains above this level, it may aim at $1.00 and $1.25. This might happen in case bulls defend the support levels.
Related: Altcoin Momentum Builds as BTC Dominance Continues to Drop
Ethena Labs is gaining traction in the DeFi space with its latest offering, Liquid Leverage, which debuted in late July. The new tool enables users to earn yield on USDe, Ethena’s synthetic dollar, by staking it. It integrates with Aave to boost leverage strategies. The product drew $1.5 billion in deposits within days of launch. This increase in demand reflects rising interest in the Ethena ecosystem. It also adds credibility to ENA’s recent price gains.
With a strong technical structure and mounting interest, traders are observing ENA’s next move. Once it breaks out of $0.70 and holds, it could see another rally. The momentum in market, along with derivatives data and historical trends, suggests further upside as long as key levels hold.
