Ethena Token Faces Potential Price Surge – NEAR Protocol at Critical Level

Hayes Predicts Dollar Mark for Ethena

Maelstrom CIO Arthur Hayes has expressed optimism about the Ethena token (ENA), predicting a rise to one US dollar. The catalyst for this assessment is the listing of Ethena's stablecoin USDe on Upbit, South Korea's largest cryptocurrency exchange ^[1].

On platform X, Hayes clearly articulated his expectation: "Let's go bitches! It's time for ENA = $1 USD!" ^[1] At a current price of approximately $0.24 USD, reaching this mark would represent a price gain of over 300 percent ^[1].

The market reaction to the announcement was immediate: ENA gained more than eight percent ^[1]. Since January 14, 2026, Upbit users have been able to trade the USDe stablecoin against Korean won (KRW), Bitcoin, and USDT ^[1].

Delta-Neutral Structure Distinguishes USDe from Traditional Stablecoins

The Ethena protocol takes a different approach with USDe than established stablecoins like USDT or USDC. Instead of fiat reserves, the system uses a delta-neutral construction that combines crypto collateral with short positions in perpetual futures to ensure price stability near one dollar ^[1].

With this strategy, USDe has now developed into the fourth-largest stablecoin by market capitalization ^[1]. Hayes himself is not only active as a significant investor in the governance token ENA, but has officially served as a founding advisor to the Ethena protocol since 2023 ^[1].

NEAR Protocol Tests Critical Resistance Area

While Ethena can rely on support from prominent advocates, NEAR Protocol finds itself at a technically decisive point. On the daily chart, the price is testing a significant resistance area, whose successful breach would lead the market back into the overarching range ^[2].

This price range has characterized market activity since April of last year, with the price consolidating sideways for several months ^[2]. Re-entry into this range would be considered a bullish signal from a technical perspective and would confirm the end of the preceding downward phase ^[2].

Positively, the recapture of the EMA 50 on the daily chart can be noted, which now functions as dynamic support and shows that buyers are increasingly taking control of the short-term market equilibrium ^[2]. The liquidity picture from the heatmap confirms this development: With the recent rise, upper liquidity was specifically targeted, behavior that typically occurs at the beginning of new expansion phases ^[2].

Momentum Indicators Suggest Possible Consolidation

On the 4-hour chart, NEAR presents a constructive market structure. The price is developing a recurring pattern of sideways consolidation followed by impulsive upward movements – classically bullish behavior that indicates a healthy accumulation phase with subsequent expansion ^[2].

However, the momentum indicators also show warning signals: The MACD is beginning to gradually reduce its positive momentum, suggesting a possible renewed consolidation phase ^[2]. At the same time, the RSI is in overbought territory, which could favor a short-term cooldown or sideways movement ^[2].

The liquidation profile shows a clear long-delta excess in the current price range, while nearly all short positions have already been cleared ^[2]. This could dampen the pace of the upward movement in the short term, without fundamentally questioning the overarching bullish structure ^[2].