Can ENA Price Rally 60% Next?

Ethena price is showing early signs of a potential trend reversal after staging a sharp rebound from all-time low. ENA price surged over 8% today, the recovery comes as traders react to a proposed buyback-and-burn mechanism, growing derivatives participation, and a bullish setup that points to a possible breakout from a months-long downtrend. While ENA remains heavily discounted from its peak, the token is now testing a key resistance area that could unlock a move toward $0.15. 

Buyback Proposals Ignites ENA Recovery Narratives

The biggest catalyst behind ENA’s recent rebound is a governance proposal that would allocate protocol revenue toward ENA buybacks and burns. The proposal directly addresses one of the market’s biggest concerns surrounding Ethena-how the protocol’s growing revenue and ecosystem activity ultimately translate into value for token holders. 

According to the recent data, ENA has climbed more than 14% over the past week after recovering from the $0.08 region. The announcement has helped shift sentiment from capitulation toward recovery, with traders beginning to price in a more deflationary token model. At the same time, funding rates reportedly turned sharply negative, creating favorable conditions for a short squeeze and accelerating the recovery move.

Ethena Price Outlook: Can Bulls Unlock a 60% Rally?

ENA token appears to be approaching a decisive momentum. On the daily chart, the token is attempting to break above a descending triangle that has controlled the broader downtrend for months. Recent sessions have also seen significant volume buildup, suggesting growing market interest near current price levels. 

The immediate resistance zone sits around $0.10 which aligns with both historical price resistance and the upper boundary of the current breakout structure. A confirmed move above this levels would likely strengthen bullish momentum and expose the next major target near $0.15. That target corresponds with a previous supply zone and represents roughly 60% upside from the current price levels. However, bulls must first secure a breakout above the trendline. Failure to do so could leave ENA trapped inside its broader consolidation structure.

Fundamentals Continue Supporting the Bullish Case

Beyond price action, Ethena’s ecosystem continues to show signs of resilience. According to the recent data, USDe has recovered to $2.45 billion in TVL, marking a three-month high. Active addresses have reportedly increased 15% on a weekly basis, while holder growth has risen 8% month-over-month. These metrics suggest that network activity continues to improve even as ENA trades significantly below its historical highs.

Is ENA Preparing for a Trend Reversal?

ENA’s recovery story is no longer driven by speculation alone. A proposed buyback-and-burn mechanism, rising derivatives participation, growing ecosystem activity, and an emerging breakout are now aligning at the same time. The key battleground remains the $0.10 resistance zone. If bulls can reclaim that zone and sustain momentum, the path toward $0.15 becomes increasingly realistic, potentially transforming ENA from a beaten-down DeFi token into one of the market’s closely watched recovery trades.

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