Ethena surges 27%, but here’s how ENA could push 38% higher

Key Points

1. ENA surged 27% following the Anchorage Digital partnership and a bullish rating by analysts, with potential for an additional 38% gain if targets are met.

2. Ryan Watkins of Syncracy Capital highlighted ENA as a pure-play exposure to stablecoins and tokenization, with VC supply overhang now neutralized.

3. Ethena's USDe stablecoin is collateralized by crypto and short-term U.S. treasury bills via BlackRock, adding to its appeal.

4. Analysts suggest the next upside target for ENA is $0.81, contingent on TradFi interest, though profit-taking by sellers (124M ENA tokens moved to exchanges) could cap the rally.

5. The Network Value to Transactions Ratio (NVT) indicates ENA is not currently overvalued, supporting the bullish outlook.