ENA Token Down 93% From Peak as Analyst Eyes $3 Target Despite Heavy Drawdown

TLDR: ENA trades at $0.130, representing a 67% discount compared to the $0.40 private sale price paid by VCs. Ethena’s USDe stablecoin reached $5.8 billion market cap, becoming the third-largest stablecoin globally. Analyst CryptoPatel projects targets of $0.50, $1.26, and bonus $3+ if support zones between $0.06-$0.08 hold. Protocol faces risks from heavy token unlocks through 2028 and reliance on positive perpetual funding rates. Ethena’s native token ENA trades at $0.130 as of writing, marking a 93% decline from its all-time high and presenting retail investors with a rare opportunity to enter below venture capital pricing. Crypto analyst CryptoPatel highlights that private sale participants paid $0.40 per token, while current prices sit 67% below that level. The token trades within a long-term descending channel since 2024, testing critical support levels near its established accumulation zone. $100M Private Sale at $0.40… Now Retail Can Buy at $0.130. First Time Retail Gets Better Entry Than VC #ENA Is Trading Inside A Long-Term Descending Channel On The HTF Chart Since 2024.Price Has Completed A Deep Multi-Leg Correction And Is Now Testing A Major Demand Zone At… pic.twitter.com/dE8UkWbqct — Crypto Patel (@CryptoPatel) February 2, 2026 Technical Structure Points to Potential Reversal Zone ENA has completed a multi-leg correction pattern and now sits at the lower boundary of its descending channel. The analyst identifies a strong accumulation zone between $0.08 and $0.06, with current prices hovering just above this range. A head and shoulders pattern suggests a bearish long-term accumulation target at $0.07 for patient investors. The token maintains structural support despite severe drawdown from peak levels. CryptoPatel sets price targets at $0.50, $1.26, and a bonus level above $3.00 for traders. These projections depend on ENA holding above the defined accumulation zone in the coming sessions. Chart patterns indicate that demand has begun emerging at cha...