Ethena has plenty to celebrate on the business front, but ENA holders aren’t getting the same treatment from the market. Despite a busy October packed with launches, partnerships and growing USDe adoption, the ENA price has fallen more than 10% amid a broader crypto market decline. Now, a long-term bullish forecast is putting a much bigger target on the table.
In its November 3 update, Ethena highlighted more than $800 million in total rewards distributed. It also partnered with ether.fi to launch a stablecoin through Ethena Whitelabel and introduced Earn+ on EthenaPay, offering users up to 12% rewards.
USDe expanded to XLayer and OKX Wallet, while USDe on Monad crossed $100 million. On Base, it became the second-largest dollar asset behind USDC. EthenaPay also passed $5 million in card volume while still in beta.
Standard Chartered initiated research coverage, forecasting approximately eightfold USDe growth over the next two years. Ethena also reported operating without issues during the Binance-related security incident.
That progress hasn’t protected the token from market pressure. ENA has dropped more than 10% as Bitcoin and Ethereum declined alongside the wider crypto market.
In other words, ecosystem milestones and token performance aren’t moving in lockstep. Adoption headlines haven’t stopped the latest sell-off.
A long-term chart outlook remains bullish, with one trader projecting potential upside of 1,052% over an eight-to-twelve-month horizon. The trader cited a 212-day consolidation following the October 10, 2025 market crash, alongside liquidity inflows and growth over the past two months.
The trader disclosed an entry around $0.08970 and plans to target $1.52, while continuing to accumulate. That’s a personal forecast, not a confirmed price path.
For now, the ENA price still faces broader market pressure. The ambitious target depends on the bullish setup playing out over the coming months.
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