Ethena (ENA) Price Targets New All-time High Amid Upcoming Major Developments

December 6, 2024

The Ethena (ENA) token has surged past $1.00, marking a 157% increase from its bottom. This surge comes as the protocol announces plans to launch a new stablecoin called UStb in partnership with Securitize.

Market analysts from Coinpedia Markets and trader Jacob Canfield share optimistic price predictions for the token.

$ENA has broken out from the falling wedge, already had a 157% surge from the bottom, and still has room to grow. We can see around the $1.52-$3 range this month and the range will be new ATHs. 📈#Ethena is planning to launch a new #stablecoin called UStb in collaboration with… pic.twitter.com/cE6ao0Yaec
— Coinpedia Markets (@MarketCoinpedia) December 6, 2024

ENA’s price has reached $1.03, according to CoinGecko data, with a daily trading volume exceeding $1 billion. The token has demonstrated strong momentum with a 7.78% increase over the past 24 hours and a 47.40% gain in the last week.

Trader Jacob Canfield noted that ENA has broken through the 0.618 Fibonacci retracement level, a technical indicator that often signals continued upward movement.

What you'll learn 👉

Strategic Partnerships and Product Development

The protocol’s collaboration with Securitize for the UStb stablecoin launch builds on its existing market presence.

BlackRock’s BUIDL platform may serve as an investment vehicle for the protocol’s reserves, establishing a connection with traditional finance infrastructure. The protocol has earned recognition in the stablecoin market, now ranking third among stable asset providers.

Yield Generation and Platform Growth

The protocol’s existing stablecoin, sUSDE, maintains competitive yields averaging above 40% through funding rate mechanisms. Canfield points to an upcoming fee switch implementation that could accelerate platform adoption.

$ENA – just cracked $1.00 for a 3X and breaking the .618 fib retracement level.

They’re now the #3 stable coin and APY for sUSDE has been averaging 40%+ with the current funding rate yields.

Fee switch will come a lot faster than most people think and should drive significant… https://t.co/fnBaMVE4Gl pic.twitter.com/pduIt4aL81
— Jacob Canfield (@JacobCanfield) December 6, 2024

The high APY rates have attracted users to the platform, contributing to the growing demand for the ENA token. Market data indicates sustained trading activity, with volume metrics supporting the price appreciation across major exchanges.

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