Ethena (ENA), a synthetic dollar protocol built on Ethereum, gaining attention for its recent price action and potential for growth.

A recent analysis shared on X by prominent crypto trader Scient has sparked optimism among ENA holders, predicting a significant upward move in the token's price.

Ethena (ENA), a synthetic dollar protocol that is deployed on Ethereum, has been gaining attention for its recent price action and potential for growth.

A recent analysis shared on X by Scient, a prominent crypto trader known for his technical insights, predicts a significant upward move in ENA’s token price.

The analyst highlighted a critical technical setup on the 1-day timeframe of ENA’s price action. As the chart shows, ENA has reclaimed a key 1-day support level around $0.30 after a brief dip below this zone.

The token appears to be flipping this support on lower timeframes (LTFs), signaling a potential continuation of the bullish trend. “From here, I think we see the move towards $0.45–$0.48,” the analyst stated, expressing optimism for ENA’s performance and setting a clear price target.

He is particularly interested in the correction expected after this rally, setting the stage for interesting observations on traders’ behavior and market dynamics.

Ethena Price Today

At the time of writing, ENA is trading at approximately $0.3151, according to CoinMarketCap data. The token has experienced a 7.89% decline over the past 24 hours, indicating short-term bearish pressure. However, despite this dip, ENA is still holding above its support level.

The analysis highlighted the importance of reclaiming the 1-day support at $0.30 and its implication for flipping this level on lower timeframes. This action is pivotal as it showcases a potential shift in momentum.

The lower timeframes are usually used by traders to identify immediate trends and entries, so flipping this support on LTFs could indicate strong buyer interest, setting the stage for a rally toward the $0.45–$0.48 range.

While the outlook appears bullish, ENA’s price history and market dynamics highlight inherent risks. The token’s recent 6.77% drop over the past 24 hours also underscores the volatility typical of altcoins.

Despite a short-term bearish trend the token is poised for upward movements. The overall market currently facing pullback triggered by Bitcoin decline below $95k. However, once the market become stable and BTC again starts its upward trajectory, ENA could start recovering and will point towards its predicted targets.