ENA Eyes $10 with Strong Bullish Momentum with Rising TVL

Key Insights:

• Key support levels like $0.5150 are crucial for maintaining $ENA’s upward trend.
• ENA could break past resistance to target higher price levels, potentially reaching $10.
• $ENA bullish momentum grows with increasing TVL and strong Q3 revenue performance.

Ethena ($ENA) is showing signs of strong bullish momentum, with its total value locked (TVL) increasing and a solid growth in Q3 revenue reports. This growth has raised expectations that $ENA could reach a price target of $10 in the near future. While the crypto market remains volatile, these developments are fueling optimism around the token’s future performance.

Bearish Pressure and Support Levels

ENA has experienced downward pressure in recent days, with the price currently sitting below the main downtrend line. Additionally, the support levels have been tested, with a recent drop below the 0.6150–0.6200 range, which shows a lack of bullish reaction and could suggest further declines.

If the price continues to fall, key support levels to watch are 0.5650, 0.5200, and 0.4800. A failure to hold above these levels may result in more downside. However, as CryptoJobs3 points out, “the 0.5150 mark is a crucial level to maintain bullish momentum on higher timeframes.”

Resistance Level and Potential Breakout

The $ENA price has recently tested a key resistance zone multiple times. Analysts suggest that if the token breaks above this level, it could trigger a much larger upward movement. A confirmed breakout could lead to higher price targets, with some predictions aiming for a $10 breakout.

Based on CryptooELITES, a confirmed breakout above this level could open the door to a much larger move. This potential move could significantly shift $ENA’s price trajectory to a higher leverage point. The current price of Ethena stands at $0.609, with a 24-hour trading volume of $353 million.

TVL Growth and Q3 Revenue Reports

Meanwhile, Ethena’s rising TVL and positive Q3 revenue growth are also factors driving its potential for a breakout. The protocol’s financial performance has shown steady improvement, indicating strong fundamentals behind the project.

The protocol’s TVL value is increasing regularly, and there is also significant growth in the Q3 revenue reports. With these indicators pointing to strong fundamentals, investors remain hopeful that $ENA could see substantial price increases. The combination of growing TVL and solid revenue performance could play a critical role in supporting Ethena’s bullish outlook.