Ethena Analysts Eye 20x Upside as Breakout Looms

Ethena (ENA), a decentralized finance protocol, is showing signs of recovery as analysts point to potential breakout above key resistance levels. According to Crypto Patel, ENA has completed two 73% distribution declines after falling nearly 94% from its all-time high.

The token's price structure and network growth suggest a bullish reversal ahead, with the analyst targeting a 20x upside if resistance is broken. The protocol's expanding rewards program highlights growing user participation, strengthening investor confidence and reinforcing its position in the decentralized finance ecosystem.

ENA has spent five months building an accumulation base between $0.077 and $0.056, signaling that selling pressure may be fading steadily. Analysts believe that if ENA recovers and closes above $0.1402 on a weekly chart, it will signal a reversal of the uptrend in a higher timeframe.

The upside targets can range from $0.25 to more than $2, but token unlocking events and an increase in USDe's supply remain key threats to this potential breakout.