The Ethereum Name Service (ENS) token has seen a significant price surge, gaining over 20% in value in the last 24 hours, according to Coingecko data. The increase is largely attributed to the anticipation surrounding the upcoming ENSv2 upgrade, which aims to enhance the efficiency and scalability of the service.

ENS moved from a low of approximately $26 to a peak of about $33.1, representing nearly a 30% increase. Despite the recent surge, ENS is still trading 62% below its all-time high of over $83. However, the token is now just $10 million shy of achieving a $1 billion market cap.

Crypto analyst Javon Marks highlighted the potential for ENS to reach the $76.121 target following its breakout. Marks noted that ENS is creating new post-breakout highs, suggesting a continued breakout could result in an additional 138% increase.

ENS began showing signs of redeemability in mid-June, with stronger price actions seen since the recent announcement of the ENSv2 upgrade. The new version aims to improve ENS’s affordability, flexibility, and scalability. The exact launch date of the upgrade is yet to be announced.