ENA Price Prediction: Will the Ethereum-Based Synthetic Dollar Protocol Token Breakout?

ENA, the native token of the Ethereum-based synthetic dollar protocol Ethena, looks set to emerge from its consolidation phase.

The Ethereum-based synthetic dollar protocol Ethena’s native token, ENA, appears to be emerging from a consolidation phase. Earlier this month, the Ethena crypto price rallied to a three-month high of $0.46 before pulling back.

While the price has since slipped, current technical and on-chain signals suggest that the sideways movement may be nearing its end. Accumulation is building, and indicators point to a potential change in momentum.

If this trend holds, here are the price levels ENA could reach once the consolidation phase wraps up.

Ethena Support Level Hint at Revival

According to data from IntoTheBlock’s Global In/Out of the Money (GIOM) metric, ENA’s price action has left 13% of holders in unrealized profit, while 17% are breaking even at their entry price. The remaining 70% are still underwater.

This distribution suggests that most holders are waiting for a recovery to reclaim their cost basis.

Interestingly, the In/Out of Money Around Price (IOMAP) shows that some ENA holders are likely to move from unrealized losses to the breakeven point soon.

The IOMAP, which identifies support and resistance zones based on the volume of tokens held in profit or loss, shows that ENA has solid backing around the $0.36 level.

At that price, 1,690 addresses hold over 4 billion ENA tokens in unrealized gains. This is more than the volume accumulated between $0.39 and $0.45, where resistance currently stands.

This concentration of profitable positions at lower levels suggests strong support. Due to this, the Ethena crypto price might push past the overhead resistance and move higher than $0.45.

Realized Price in the Way

Despite the bullish outlook, ENA is still below its realized price. The realized price is the average on-chain cost basis and could represent support and resistance.

When an asset’s price is below the metric, the realized price acts as resistance. However, when the spot value is above it, it indicates support.

According to Glassnode, ENA’s realized price is $0.41, and the current trend suggests that it is likely to breach this level.

If the altcoin successfully moves past this resistance, then it would validate a potential run toward $0.50.

ENA Price Analysis: Relief Rally on Deck

From a technical point of view, the 4-hour chart shows that ENA seems to be undergoing a V-shaped recovery.

According to the image below, the Relative Strength Index (RSI) reading has risen above the neutral line, indicating bullish momentum.

A closer look at the chart also shows that the Moving Average Convergence Divergence (MACD) reading is positive.

This positive reading reinforces the bullish thesis, as the 12 EMA (blue) has crossed above the 26 EMA (orange).

Should this bullish crossover hold, the Ethena crypto price will likely break the resistance at $0.42 and hit $0.46 soon.

However, if ENA fails to rise past the realized price at $0.41, this prediction might not pass.

The altcoin could slide toward $0.31 at the 0.236 pullback region in that scenario.