$ENA Ethena emerged as one of the biggest gainers among altcoins this week, mainly due to the launch of its synthetic dollar protocol, USDe, on the Solana blockchain. The launch pushed ENA’s price up 24.30%, reaching $0.41.

On the daily chart, the Moving Average Convergence Divergence (MACD) indicator has turned positive, signaling bullish momentum. A positive MACD indicates that the price could continue to rise; if this momentum continues, ENA could potentially reach $0.70 in the near term.

However, traders should not overlook the $0.50 resistance level; failure to break through this barrier could negate the bullish outlook. In this case, the altcoin could see a decline below $0.35.