Ethena price jumped 25% on the Upbit listing announcement, edging closer to the top of its trading range and targeting a potential breakout above $0.46.
Ethena (ENA) price is up 25% in the past 24 hours, currently trading at $0.37, with trading volume surging over 300%. With this surge, ENA price has now broken above the upper trendline resistance of a descending triangle pattern that had been forming since mid-May. The descending triangle, typically a bearish continuation pattern, has instead resolved to the upside — a bullish signal made more convincing by explosive volume that accompanied the breakout.
The breakout followed a rebound from what appears to be the bottom of a months-long consolidation range between $0.24 and $0.46. If ENA can successfully reclaim and hold the ~$0.30 zone on a retest of the breakout level, it could lay the foundation for further upside towards the top of that range.
The current rally appears to be driven by today’s listing on South Korea’s largest exchange by trading volume, Upbit, which added Ethena trading pairs for KRW, Bitcoin (BTC), and Tether (USDT). This follows Upbit’s recent listing of Hyperlane (HYPER), which has seen a 100%+ surge in a single day after the listing, and Babylon (BABY) tokens.
ENA’s price rally is also likely buyoed by the broader crypto market surge, with Bitcoin breaking above $118,000 and setting a new all-time high.
Ethena’s ability to hold the lower horizontal support since early April is notable, especially amid regular token unlocks. The latest unlock released over 171 million ENA tokens worth over $63 million, representing 2.7% of circulating supply. Prior to that, in June, Ethena had a massive cliff unlock of 212.5 million tokens, representing 3.72% of its unlockable supply. However, the relatively horizontal support at ~$0.24 still didn’t budge.
Looking ahead, traders should watch for ENA’s ability to maintain support around $0.30 on retest of the breakout level, as holding this level could confirm momentum for a sustained move toward the $0.46 resistance and beyond.
