Standard Chartered Sets $2 Target for Ethena’s ENA After September Rally

• Standard Chartered forecasts Ethena’s ENA will hit $2 by the close of 2028, alongside projections of $0.42 for 2026 and $1.10 for 2027.
• Following a robust September rally, ENA trades above $0.25.
• An upcoming release of approximately 1.4 billion ENA tokens on October 5 is expected to introduce selling pressure.

Major international financial institution Standard Chartered has initiated research coverage on Ethena’s ENA token, projecting a $2 valuation by the end of 2028—roughly seven times its current market value. Released on September 30, the report examines Ethena’s footprint across yield-generating stablecoins, perpetual futures, and tokenized real-world assets. The bank additionally projects ENA to trade at $0.42 by the end of 2026 and $1.10 by the close of 2027.

The financial institution’s thesis centers largely around USDe, the synthetic dollar stablecoin created by Ethena. Standard Chartered anticipates that the supply of USDe will climb to approximately $40 billion by the end of 2028. With Ethena’s currently issued USDe standing at $4.98 billion, the bank’s forecast is roughly eight times higher.

This outlook 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, thereby broadening the addressable market for Ethena’s yield strategies and tokenized assets.

Initially, Ethena derived USDe yields primarily through the crypto basis trade, which involves holding spot assets while simultaneously shorting perpetual futures to hedge price risk. The protocol has since branched out into institutional credit, tokenized U.S. equities, and equity perpetual futures.

Furthermore, its 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, while the reported six-month annualized basis return has averaged 3.56%.

The valuation argument put forth by Standard Chartered also incorporates the economics of the ENA token. Ethena’s sanctioned revenue-allocation framework ties upcoming ENA buybacks to specific USDe supply milestones. The initial threshold is set at $7.5 billion in USDe supply, at which point 5% of eligible net revenue is designated for buybacks. This share 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, ENA changes hands at approximately $0.2586 at the time of writing. The daily chart reveals that the token has pulled back following a steep September surge that approached $0.3. Historical data from Binance indicates ENA closed at $0.2566 on September 28 and $0.2484 on September 29, while the September 30 session has fluctuated between $0.2441 and $0.2633.

Technical indicators also point to a slight softening in the short-term trend. On the 4-hour ENA/USDT chart, the token trades near $0.2586 following a modest bounce after testing support in the $0.24 to $0.250 range.

A closer look at recent candles shows buyers returning, pushing ENA back above its 9-day moving average of $0.2514. Nevertheless, the asset hovers just under its 21-day moving average at $0.2603, establishing that threshold as a crucial near-term barrier.

Consequently, the Relative Strength Index (RSI) stands at 54.55, climbing back past the neutral 50 line. This signals an uptick in buying momentum, though the indicator remains safely below the 70 overbought territory, leaving room for further upside if buyer participation continues.

A decisive breakout above $0.2603 would therefore strengthen the short-term outlook and direct attention toward the next resistance level near $0.2675. Surpassing that mark could clear a path toward the $0.275–$0.280 range, with September’s peak close to $0.3 acting as a more substantial ceiling.

At the same time, a significant supply event looms on the horizon. Roughly 1.4 billion ENA tokens are slated for release on October 5, injecting a substantial volume of previously locked assets into circulating supply.

As a result, if the price of ENA encounters rejection, the 9-day moving average at $0.2514 serves as the primary support level to monitor. A drop beneath this threshold would shift focus to the $0.245–$0.250 zone where the latest rebound originated, and a definitive breakdown below that band would undermine the ongoing recovery structure.