Ethena (ENA) has recently surpassed the $0.55 mark, enjoying a remarkable 130% increase driven by a $360 million SPAC agreement aimed at creating a treasury company, StablecoinX. The upcoming listing on Nasdaq and long-term ENA buyback strategy have fueled investor enthusiasm and raised hopes for price targets between $0.91 and $1.52.
SPAC Agreement Sparks Investor Excitement
On July 21, the Ethena Foundation announced the launch of StablecoinX, a crypto-native treasury company set to merge with TLGY Acquisition Corp, making its debut on Nasdaq under the symbol USDE. This newly formed entity will work to accumulate a long-term reserve of ENA, supported by $360 million in PIPE financing, which includes a $60 million commitment from the Foundation itself.
Prominent crypto investors, including Dragonfly, Pantera Capital, Galaxy, and Polychain, have also joined the agreement, reinforcing confidence in ENA’s potential as a long-term ecosystem token. The proceeds will not only facilitate token accumulation but also enable StablecoinX to leverage validation infrastructure and staking services for the Ethena protocol.
Already the third-largest issuer of digital dollars on-chain—behind Tether and Circle—Ethena’s treasury strategy aims to enhance liquidity and promote price stability across the ecosystem.
Technical Breakout Indicates Momentum Shift for ENA
Following the announcement of StablecoinX, ENA’s market response was swift and bullish, pushing the token past its declining resistance line and a key horizontal resistance level of $0.42. The price quickly exceeded the important decision level of $0.55, historically a marker for bullish or bearish continuations, reaching an intraday high of $0.6056.
If ENA can maintain its position and close above $0.55 with solid volume support, it may trigger a breakout toward $0.91 and possibly the historical peak of $1.52 set in April 2024. However, if the price faces rejection at this level, traders might see a corrective move toward the lower range near $0.20, which could represent a compelling reaccumulation opportunity.
Momentum indicators such as the RSI and MACD are firmly in bullish territory, with no signs of bearish divergence, suggesting that the rally may still have room to grow.
Market Fundamentals Strengthen ENA’s Position
Beyond price action, ENA’s market fundamentals have significantly improved, with a current price of $0.5377 and a gain of over 105% over the past 30 days. Its circulating supply of 6.35 billion ENA represents slightly more than 42% of its total supply of 15 billion, while the token boasts a strong market capitalization of $3.38 billion and a total value locked (TVL) of $6.358 billion.
The daily transaction volume has surged to $1.5 billion, reflecting growing liquidity and heightened investor interest following the SPAC announcement. Ethena’s USDe, a synthetic dollar supported by a delta hedging strategy, has also rebounded to a supply of $6 billion—figures last seen at its peak, further bolstering community confidence.
In the short term, Ethena’s price prospects largely hinge on how it responds at the $0.55 resistance level and whether the listing of StablecoinX on Nasdaq proceeds without delay.
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