- Ethena (ENA) has breached $0.55 after 130% rally fueled by $360M SPAC deal to form StablecoinX treasury company.
- StablecoinX is expected to list on Nasdaq, focusing on long-term ENA buybacks.
- A hold above $0.55 brings $0.91–$1.52 target in view, with a pullback risk to $0.20 on the contrary.
Ethena (ENA) is in the spotlight due to a remarkable price rally amid a game-changing SPAC deal that could redefine the altcoin’s long-term trajectory.
With the announcement of a $360 million treasury initiative involving a merger with the SPAC TLGY Acquisition Corp, the Ethena Foundation has triggered widespread speculation about what’s next for ENA.
The merger has coincided with a sharp recovery in the price of ENA, which recently surged more than 130% from its June lows, flying past the critical $0.5892 mid-range resistance.
The SPAC deal has fueled investor excitement
On July 21, the Ethena Foundation revealed it had launched StablecoinX, a crypto-native treasury company that will merge with TLGY Acquisition Corp to go public on the Nasdaq under the ticker USDE.
The newly-formed company is tasked with accumulating a long-term strategic reserve of ENA, backed by $360 million in PIPE funding, including a $60 million commitment from the Foundation itself.
Top-tier crypto investors like Dragonfly, Pantera Capital, Galaxy, and Polychain have also joined the deal, reinforcing confidence in ENA’s potential as a long-term ecosystem token.
The proceeds will not only fund token accumulation but also allow StablecoinX to operate validator infrastructure and staking services for the Ethena protocol.
With Ethena already positioned as the third-largest issuer of digital dollars on-chain — trailing only Tether and Circle — this treasury strategy aims to deepen liquidity and promote price stability across the ecosystem.
Ethena price technical breakout signals shift in momentum
As the news of the StablecoinX launch broke, ENA’s market reaction was swift and bullish, pushing the token past both the descending resistance line and the key horizontal resistance at $0.42.
The price pushed past the crucial decision level at $0.55, a mid-range resistance that has historically defined bullish or bearish continuations, and hit an intraday high of $0.6056.
If ENA manages to reclaim and close above $0.55 with volume support, it could ignite a push toward $0.91 and potentially the all-time high of $1.52 set in April 2024.
However, if the price is rejected at this level, traders may witness a corrective move back to the range lows near $0.20, a zone that could present a compelling re-accumulation opportunity.
Momentum indicators such as the RSI and MACD are clearly in bullish territory, with no signs yet of bearish divergence, suggesting that the rally may still have legs.
Market fundamentals strengthen ENA’s case
Beyond price action, ENA’s market fundamentals have dramatically improved, with a current price of $0.5377 and a 30-day gain of over 105%.
Its circulating supply of 6.35 billion ENA represents just over 42% of its 15 billion total supply, while the token boasts a robust $3.38 billion market cap and a TVL of $6.358 billion.
Daily trading volume has soared to $1.5 billion, reflecting growing liquidity and heightened investor interest following the SPAC announcement.
Ethena’s USDe, a synthetic dollar backed by a delta-hedging strategy, has also reclaimed a $6 billion supply — a figure last seen at its peak, further boosting community confidence.
In the short term, Ethena’s price outlook largely depends on how the price behaves at the $0.55 resistance and whether StablecoinX’s listing on Nasdaq progresses without delays.
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