• Ethena's ENA surged 33%, reaching $0.3887 amid growing investor excitement.

  • A proposal to add Solana as a backing asset fuels ENA's momentum.

  • Traders eye a potential breakout to $0.50, with upcoming price targets to watch.

Ethena's ENA has surged, jumping 33% in just one week. Investors are excited, pushing the price to $0.3887. A recent proposal to add Solana (SOL) as a backing asset for USDe has fueled this momentum. With this growing excitement, traders are eyeing the $0.50 target. As of writing, ENA is the biggest gainer on Binance, as the post below highlights.

https://twitter.com/CoinGainerAlert/status/1845969293894472017 Ethena’s Breakout Rally Gathers Steam

The price chart for Ethena tells a strong story. An inverted head-and-shoulder pattern has formed, indicating a solid uptrend. Recently, the rally reached $0.41 before a minor pullback. Currently, ENA hovers around $0.3918, struggling to hold above the 61.80% Fibonacci level.

However, this doesn’t mean momentum has faded. A golden crossover between the 50 and 200 EMAs approaches, suggesting continued bullish activity. Furthermore, technical indicators like the MACD reflect strong positive sentiment.

The Impact of Adding Solana as a Backing Asset

A major reason behind ENA’s growth is the proposal to include Solana as a backing asset for USDe. This plan mirrors Ethena’s existing hedging system with Bitcoin and Ethereum perpetual futures.

Along with SOL, Binance and Bybit liquid-stake versions of SOL will also be considered. Traders eagerly await the Risk Committee's decision, expected in seven days. The bullish trend suggests that reaching $0.50 is possible.

Upcoming targets based on Fibonacci levels stand at $0.4431 and $0.5086. If ENA breaks through these price levels, new records might follow. However, caution is necessary. Should the rally falter, a retreat to $0.3557 or even $0.3196 could occur.

Ethena's recent momentum positions ENA close to the $0.50 mark. The excitement around the proposed inclusion of Solana as a backing asset has ignited bullish sentiment. For now, traders remain optimistic as ENA’s trajectory continues to unfold.

The post ENA Leaps 33% With New Proposals: Is $0.50 Within Reach? appeared first on Crypto News Land.