Etherna (ENA) Price Projection: Ethena Maintains $0.65 Floor Amid Analyst Speculation of 50-fold Upside Possibilities
In the ever-evolving world of decentralized finance (DeFi), one token has been making waves – Ethena's USDe. This synthetic dollar product is poised to become a key player in the expanding stablecoin and decentralized finance ecosystem.
According to various predictions, Ethena's ENA token could see significant growth in the coming years. TradingBeasts approximates a mean price of $0.69 for ENA in 2025, while Flitpay envisions a high price tag of $1.59 for the same year. Binance's long-term model even suggests ENA may gradually creep up to a $0.82 price by 2030.
Arthur Hayes, co-founder of BitMEX, has added fuel to the fire by highlighting ENA as a potential "once in a century" DeFi opportunity. He bases his projection on the growing adoption of Ethena's USDe product, and he believes the stablecoin market could expand from $273 billion to $10 trillion by 2028.
Currently, ENA is trading at around $0.65, down 0.60% in the last 24 hours. The Relative Strength Index (RSI) for ENA is currently near 50, indicating neither overbought nor oversold conditions. The MACD histogram for ENA is flattening, suggesting that selling pressure may be easing.
The network value to transactions (NVT) ratio for ENA is low at around 6.9, indicating that on-chain activity significantly outpaces the current token price. This could be a sign of undervaluation, as the high NVT often correlates with overvalued assets.
ENA's daily trading volumes are $633 million, positioning it among the most actively traded DeFi tokens. The Total Value Locked (TVL) for Ethena's protocol has surpassed $11 billion, marking a record high. These technical signals align with a possible trend reversal.
The robust support level near $0.65, established by ENA, adds to the optimistic outlook. A successful breakout above the $0.70-$0.72 resistance zone could set the stage for a push toward $0.80-$0.85.
Protocol revenues for Ethena have crossed $500 million, reflecting active usage and strong community engagement. This strong fundamental metric further supports the bullish sentiment surrounding ENA.
However, it's worth noting that the information about who sold Arthur Hayes the 7.76 million ENA tokens is not publicly available.
In conclusion, Ethena's current position in the market, supported by a robust $0.65 floor and good fundamental metrics, presents a compelling argument for potential upside in the future. As the stablecoin market continues to grow and Ethena's USDe gains traction, investors might want to keep a close eye on this promising DeFi project.
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