- Standard Chartered predicts Ethena’s ENA to reach $2 by the end of 2028, with targets of $0.42 for 2026 and $1.10 for 2027.
- ENA is trading above $0.25 after a strong September rally.
- Around 1.4B ENA tokens will unlock on October 5, adding selling pressure.
Global banking giant Standard Chartered has initiated its inaugural research coverage of Ethena’s ENA token, issuing a $2 price target for late 2028—a forecast roughly seven times higher than the token’s current market value. Released on September 30, the report highlights Ethena’s presence across perpetual futures, yield-bearing stablecoins, and tokenized real-world assets. The institution also projects ENA will hit $0.42 by the end of 2026 and $1.10 by the close of 2027.
The bank’s bullish outlook rests heavily on USDe, Ethena’s synthetic dollar stablecoin. Standard Chartered anticipates the supply of USDe to climb to approximately $40 billion by the end of 2028. With Ethena’s current issued USDe value standing at $4.98 billion, the bank’s projection represents an expected eightfold increase.
Standard Chartered has initiated research coverage of Ethena.
They forecast potential USDe growth of ~8x in the next 2 years as the convergence of DeFi and TradFi accelerates.
Unclear why they are so bearish, but worth a read regardless: pic.twitter.com/JlzXqrqc07
— Ethena (@ethena) September 30, 2026
This growth coincides with the bank’s expectation that blockchain-deployed real-world assets will expand from roughly $40 billion today to $2 trillion over the same timeframe, which would vastly expand the addressable market for Ethena’s yield and tokenized-asset strategies.
Initially, Ethena generated USDe yields primarily through the crypto basis trade—holding spot assets while shorting perpetual futures to hedge against price fluctuations. The protocol has since branched out into tokenized U.S. equities, institutional credit, and equity perpetual futures.
Additionally, the platform’s newest equity strategy utilizes Binance bStocks for tokenized spot exposure alongside stock perpetuals for hedging. Since its introduction, open interest for Binance equity perpetuals has exceeded $2.9 billion, with the reported six-month annualized basis return averaging 3.56%.
Token economics for ENA form another pillar of Standard Chartered’s valuation rationale. Ethena’s approved revenue-sharing framework ties future ENA buybacks directly to milestones in USDe supply. The initial threshold begins at $7.5 billion in USDe supply, where 5% of eligible net revenue goes toward buybacks. This percentage increases to 10% at $10 billion, 15% at $15 billion, and 20% at $20 billion.
ENA Regains Key Support as 1.4B Token Unlock Approaches
According to CoinMarketCap data, ENA trades near $0.2586 at the time of writing. Daily charts show the token pulling back slightly following a sharp September advance that approached the $0.30 mark. Historical figures from Binance indicate ENA closed at $0.2566 on September 28 and $0.2484 on September 29, while trading between $0.2441 and $0.2633 during the September 30 session.
Technical indicators point to a slight easing of short-term momentum. On the 4-hour ETH/USDT chart, ENA trades around $0.2586, recovering modestly after finding a solid footing near the $0.24–$0.250 price band.
Closer inspection reveals buying interest has returned, lifting ENA back above its 9-day moving average (MA) of $0.2514. Nevertheless, the asset hovers just beneath its 21-day MA of $0.2603, which serves as a critical immediate resistance level.
The Relative Strength Index (RSI) stands at 54.55, moving back above the neutral 50 threshold. This signals an uptick in buying momentum, though it remains safely below the 70 overbought threshold, leaving room for further upside if demand persists.
Consequently, a firm move past $0.2603 would reinforce the short-term outlook, shifting attention to the next resistance target near $0.2675. Surpassing that level could pave the way toward the $0.275–$0.280 range, with September’s peak near $0.30 serving as a broader barrier.
Simultaneously, a significant supply event looms. Approximately 1.4 billion ENA tokens are scheduled for release on October 5, introducing a substantial volume of previously locked tokens into active circulation.
Should ENA face a price rejection, $0.2514 acts as the primary support level, aligning directly with the 9-day MA. A drop beneath that threshold would pivot market focus to the $0.245–$0.250 zone where the latest rebound originated, while a decisive breakdown under that region would compromise the ongoing recovery structure.
Frequently Asked Questions
What is Standard Chartered’s price target for ENA?
Standard Chartered has issued price targets of $0.42 for the end of 2026, $1.10 for the end of 2027, and $2.00 by the end of 2028.
What is driving Standard Chartered’s bullish forecast?
The bank’s prediction is primarily anchored on the expected growth of Ethena’s synthetic dollar stablecoin, USDe, which it expects to reach a supply of roughly $40 billion by late 2028.
When is the upcoming ENA token unlock?
Approximately 1.4 billion ENA tokens are scheduled to be unlocked and added to the circulating supply on October 5.
What are the key technical support and resistance levels for ENA?
Immediate support rests near the 9-day moving average at $0.2514, followed by the $0.245–$0.250 range. On the upside, immediate resistance is found at the 21-day moving average of $0.2603, with higher hurdles near $0.2675 and the September high around $0.30.
