Ethena, a relatively new altcoin, has been making waves in the crypto market with its unpredictable price movements. Despite Bitcoin's recent surge to $67,000, Ethena's volatility has caught the attention of investors. With negative funding rates and heavy shorting, Ethena is poised for a potential short squeeze, which could lead to significant price gains.

The warning signs of a short squeeze are evident in Ethena's massive negative funding rate, with short sellers paying long-position investors 268% APR. Additionally, Ethena's open interest represents 16% of its market cap, indicating a high level of short positions. The token's price has already started to move, with a 20% increase in the last 24 hours, and a noticeable rise in open positions and short positions.

If a short squeeze occurs, Ethena's price could potentially reach two significant levels: $0.84 and $1.08. These price targets would result in gains of 7.7% and 38% from current levels, respectively. However, it's important to note that Ethena has raised concerns among the crypto community, and its long-term targets remain uncertain.

As the crypto market continues to evolve, investors are keeping a close eye on Ethena's price movements. Will Ethena's short squeeze lead to a significant price surge, or will its volatility continue to raise concerns? Only time will tell.