A well-known crypto analyst has shared their belief that one of Ethereum’s decentralized finance (DeFi) tokens is poised for a significant rally. The pseudonymous trader, known as The Flow Horse, has identified Ethena’s governance token, ENA, as one of several new altcoins that present promising opportunities, although they caution that patience is required for a payoff. The analyst suggests that ENA, which has experienced a recent pullback, is showing signs of a breakout setup that could lead to a substantial increase in value. They also note that ENA’s unlocks are still a year away, indicating the token’s potential for growth in the long term.

Another crypto analyst, Altcoin Sherpa, supports this view, stating that ENA appears to be on an upward trajectory after retesting the Fibonacci retracement level at $0.76. They highlight the .618 Fibonacci level, as well as support and resistance levels, as indicators of ENA’s strength.

Taking a broader look at the altcoin markets, Rekt Capital, a pseudonymous trader with a large following, believes that the OTHERS chart, which tracks the market cap of all cryptocurrencies excluding the top 10, is poised for a rebound from the $250 billion level. According to Rekt Capital’s analysis, the chart is targeting the $315 billion level before potentially reaching the previous highs near $425 billion.

At the time of writing, ENA is valued at $0.885, representing an 8% increase for the day.

Please note that the opinions expressed in this article are not investment advice, and readers are advised to conduct their own research before making any investment decisions in Bitcoin, cryptocurrencies, or digital assets.