#ethena (
$ENA ) is up 6.02% in 24 hours, trading at $0.3340 with a sharp volume surge of 41.78%.
Analysts project a breakout toward $0.39, citing bullish technical patterns and strategic developments.
A major $100M deal with TLGY SPAC is fueling optimism and midterm price targets of $0.75.
Ethena (ENA) is gaining more attention throughout the entire crypto market as it records impressive price and trading volume growth. The token currently trading at $0.3340, having appreciated by 6.02% within the last 24 hours, with its performance for the last week standing at an increase of 7.52%, which shows increased upward momentum.
Alongside price action, trading volume for the past 24 hours is up 41.78% to $153.59 million, implying increased market involvement and revived trader demand.
#ENA Bottoms Out with Midterm Target of $0.75
This surge in performance has thrust ENA into the limelight of leading analysts. Crypto analyst Ali pointed out that the token is breaking out of an inverse head and shoulders formation, which is typically a harbinger for major bullish reversals. In his view, its technical breakout may be just the beginning for an imminent move to $0.39.
Meanwhile, Captain Faibik, another market analyst, emphasized that ENA has likely bottomed out and is on the verge of a wedge breakout, another bullish signal. He expressed continued confidence in the asset, revealing he’s holding his position with a midterm price target of $0.75.
Ethena and TLGY SPAC’s $100 Million Deal Explained
The technical rally is being bolstered by a fundamental catalyst: a potentially transformative partnership. Ethena Foundation has signed a non-binding letter of intent (LOI) with TLGY, a Cayman Islands-based special purpose acquisition company (SPAC).
The agreement, detailed in an SEC filing dated April 9, 2025, includes the possible acquisition of a validator business tailored to support Ethena’s expanding ecosystem, most notably its upcoming Converge network.
At the center of this agreement is TLGY’s proposal to buy as much as $100 million of ENA tokens at a below-market price. It is to be financed through a combination of cash in escrow and additional equity contributions through a PIPE (Private Investment in Public Equity) commitment by Ethena.
5-Year Deal Boosts Ethena’s Long-Term Outlook
The proposed arrangement will last for five years, with conditions which could permit TLGY to engage in future token distribution at a discount based upon conditions to be decided upon by both parties. The ultimate discount rate and capitalization are still being negotioated, but the transaction represents a strong endorsement of Ethena’s future growth potential.
With both technical setups and investment agreement structures aligning, ENA is set for sustained focus. Market observers will be watching price action as the asset targets major resistance thresholds and additional partnership announcements evolve.
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