- The price of Ethena’s ENA token has surged over 25% in the last 72 hours
- The rally was sparked by the integration of its USDe stablecoin with Pendle Finance
- An analyst has spotted a “bull flag” on the chart, with a potential price target of $1.50
ENA, the native token of the synthetic dollar protocol Ethena, has surged over 25% after its stablecoin, USDe, was integrated with Pendle Finance’s yield-boosting looping mechanism. The move appears to have strong backing from large holders, or “whales,” who are capitalizing on the new, higher yields.
Sound familiar? This isn’t the first time a major integration has sent ENA flying. Here’s our past report on what happened when Aave added support for USDe.
Ethena-Pendle collaboration and a 25% ENA rally
Ethena went live on HyperEVM last Thursday, receiving immediate support from the Ethena ecosystem. The innovation’s adoption is having a positive effect on the Ethena ecosystem, boosting demand for ENA, the blockchain protocol’s native cryptocurrency.
TradingView’s data shows that ENA has surged by over 25% in less than 72 hours, reflecting massive bullish momentum and indicating further upside potential. The cryptocurrency’s latest trend has caught the attention of renowned crypto market analyst, Ali Martinez, who spotted a crucial pattern on ENA’s 4-hour chart.
Analyst eyes an ENA 100% rally to $1.50
In his latest post on X, Martinez revealed a technical indicator that suggests more upside movement for Ethena’s native token.
The analyst identified a bullish flag on ENA’s 4-hour timeframe, noting that breaking above the formation will trigger a significant rally that could push the price to $1.50 before the end of August.
In the meantime, ENA traded at $0.73 at the time of writing, implying that Martinez believes the cryptocurrency could rally 100% in the next few weeks. Such a move will push ENA’s price closer to its all-time high, which it achieved in April 2024.
PENDLE joins the rally with a 40% surge
It is worth noting that the Pendle-Ethena partnership also triggered a massive rally in PENDLE’s price. TradingView’s data shows that the cryptocurrency surged nearly 40% within the past 72 hours, breaking above notable resistance and conditioning the altcoin for a potential push towards higher price levels.
ENA and PENDLE have surged alongside other top altcoins, aligning with the dominant sentiment in the altcoin market, which suggests that an altseason is officially in its beginning stages.
What’s the long game? The short-term target is $1.50, but what about the bigger picture? Here is CoinEdition’s full long-term price prediction for ENA.
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