Recent DESI 2024 data suggest a preference for dynamical dark energy over the cosmological constant. This study proposes a new two-parameter parameterization of the dark energy equation of state (EoS), which behaves like the cosmological constant at high redshifts and approximates the Chevallier-Polarski-Linder (CPL) parameterization at lower redshifts. The model shows evidence of a recent phantom barrier crossing, supporting the DESI 2024 results. It significantly reduces the Hubble tension to 2.8σ compared to Hubble Space Telescope and SH0ES data, and to 1.6σ with standardized TRGB and Type Ia supernova data. Bayesian model selection using Bayes factors and Akaike Information Criteria (AIC) shows a strong preference for this parameterization over the ΛCDM model. The model's EoS is consistent with quintessence, with a possible recent transition from phantom to quintessence. The model also shows good agreement with observational data, including the Pantheon Plus, DESI BAO, and compressed Planck likelihood data. The model's performance at the perturbation level is consistent with the ΛCDM model, indicating that it can capture complex behavior in the low-redshift regime while maintaining consistency with early-time physics. The study concludes that the proposed parameterization provides a richer understanding of dark energy dynamics and supports the dynamical nature of dark energy over the cosmological constant.Recent DESI 2024 data suggest a preference for dynamical dark energy over the cosmological constant. This study proposes a new two-parameter parameterization of the dark energy equation of state (EoS), which behaves like the cosmological constant at high redshifts and approximates the Chevallier-Polarski-Linder (CPL) parameterization at lower redshifts. The model shows evidence of a recent phantom barrier crossing, supporting the DESI 2024 results. It significantly reduces the Hubble tension to 2.8σ compared to Hubble Space Telescope and SH0ES data, and to 1.6σ with standardized TRGB and Type Ia supernova data. Bayesian model selection using Bayes factors and Akaike Information Criteria (AIC) shows a strong preference for this parameterization over the ΛCDM model. The model's EoS is consistent with quintessence, with a possible recent transition from phantom to quintessence. The model also shows good agreement with observational data, including the Pantheon Plus, DESI BAO, and compressed Planck likelihood data. The model's performance at the perturbation level is consistent with the ΛCDM model, indicating that it can capture complex behavior in the low-redshift regime while maintaining consistency with early-time physics. The study concludes that the proposed parameterization provides a richer understanding of dark energy dynamics and supports the dynamical nature of dark energy over the cosmological constant.