Ethena Up 41% in 7 Days: Will ENA Price Hit $1 Next?

ENA saw a bullish breakout, reaching nearly $1.20 on the back of a 63.42% increase in trading volume to $538.61 million and a 22.15% increase in Open Interest to $189.05 million.
Incentives worth $42,000 from Euler Labs fueled this growth, as traders aggressively capitalized on ENA’s upside potential.

ENA Descending Triangle Breakout Signals Upward Path to $1.2
Ethena’s ENA token has broken out of a bearish expanding wedge pattern, signaling a bullish reversal. According to analyst ZAYK Charts , ENA could rally 100%-120%, targeting a price range of $0.85 to $1.00.

 The breakout of this pattern is a sign that buyers are regaining momentum, with higher trading volumes supporting this bullish outlook.
If ENA manages to hold support above the previous resistance line, the price could continue to rise towards the expected target.
ENA climbs above Ichimoku Cloud
Technical indicators also seem to be in line with the bullish sentiment surrounding  Ethena , with the Ichimoku Cloud pointing to an uptrend as ENA moves above the cloud. 

 Tenkan-sen line leading through Kijun-sen line supports short-term buying momentum, reinforcing ENA's upside potential.
Additionally, the Accumulation/Distribution line highlights a steady increase – A sign of continued buying interest from traders.
Euler Labs Enhances ENA Utility with New Collateral Options
Euler Labs has introduced PT-sUSDE as a new collateral option on the Maxi Stablecoin platform, with a total incentive of approximately $42,000, including $25,000 in $PYTH rewards and $17,000 in Euler-matching rewards.
Users can borrow sUSDE from Ethena Labs and use PT-sUSDE as collateral. Ethena’s ENA is currently trading at $0.41, up 21% in 24 hours, with a market cap of $1 billion and a trading volume of $301 million. Adding PT-sUSDE could drive demand and increase the value of ENA.
Steady trading volume indicates steady demand
Ethena’s trading data  further reinforces the company’s steady presence in the market, with a 7-day average of 837.57 trades and a recent high of 1.28k on November 4, 2024.
Stable trading volumes and stable prices around the $1 mark indicate steady demand and minimal volatility in recent months. The price stability, despite fluctuating trading volumes, also underscores the balanced market environment for ENA.