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.

Ethena’s October Delivered Several Major Milestones

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.

Here's what happened @ethena in October:

• Passed $800m in total rewards distributed.

• Partnered with @ether_fi to launch their own stablecoin, powered by Ethena Whitelabel.

• Launched Earn+ on @EthenaPay. Users can earn up to 12% rewards in a single tap.

• $USDe went… pic.twitter.com/88cyZHR2Ur

— Ethena (@ethena) November 3, 2026

$ENA Price Weakness Contrasts With Project Growth

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.

Could $ENA Really Reach The $1.52 Target?

$ENA – Long-term perspective🚨

Potential upside: 1052%

Let’s look at this asset from a long-term investment perspective, with an investment horizon of approximately 8–12 months!

After the market crash on October 10, 2025, $ENA consolidated for 212 days and has seen a strong… https://t.co/Z7upfucpdI pic.twitter.com/8cpRXsjd3P

— LAR (@LAR7Crypto) November 5, 2026

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.