Whale Activity and Fund Increased: Can PENDLE Crypto Reach ATH?

• Pendle price has been rising by taking support on an ascending trendline.
• Binance received a $3.47 Million PENDLE deposit from Pendle Finance Ecosystem Fund.
• As more users imitate staking, a whale opened a new wallet, took out 687,498 PENDLE from Binance, and staked those tokens.

Since August, the Pendle (PENDLE) price has risen by 200%. It climbed through an ascending channel. In April, PENDLE faced resistance from the major resistance level of $7 and showed weakness. It attempted twice in the first five months of 2024 to overcome this hurdle but couldn’t.

In December, PENDLE price reached a major resistance zone but failed to hold and received selling pressure. Based on the technical chart, the PENDLE Crypto price has been rising by forming higher highs and higher lows. However, the price has failed to reach the last swing high.

Amid this bull run, the Whale activity has increased, which could catalyze momentum. A Whale has deposited 562,500 PENDLE worth $3.47 Million to Binance.

Pendle Finance Ecosystem Receiving Fund

According to the balance over time, the Pendle ecosystem’s financial trajectory over the past year demonstrated an overall upward trend, emphasizing increases in fund deposits to major exchanges, especially in strategic price zones.

The yellow columns represent deposits to centralized exchanges (CEX), and indicate significant actions that had previously impacted Pendle’s price trajectory.

This has historically come before significant rallies or situations where people were taking profits, and the current trend indicated that another possible rally might be in progress.

PENDLE Price Technical Analysis Based on Market Behavior

When writing, Pendle crypto was trading at $5.84 up by 2.67% over the past 24 hours. Its market capitalization was $966.13 Million and the 24-hour trading volume was $185.70 Million.

The technical chart displays that Pendle token price has failed to exceed the major resistance level of $7. If the price manages to surpass the $7 mark, it could be a bullish signal. A bullish rally could follow if the price holds above the $7 mark.

Conversely, if the price slips below the channel, sellers might dominate further. If the price loses the 200-day EMA, most traders and investors might prefer to book profits. Here, profit booking could lead to a bearish momentum.

Whale Activity and its Impact on Pendle Price

Whale activity has increased over the past few weeks. An important transaction was started by a tracked PENDLE whale who took 687,498 PENDLE tokens out of Binance. Subsequently, this whole sum was staked.

After depositing $54,000 in PENDLE and WETH into a Uniswap pool, another user saw significant financial gains in less than a day.

They made $2,074.10, or a 904.31% annual percentage yield, from the market gain of 7.08%. The net outcome was a profit of $1,203.92, despite a divergence loss of $870.18.

Pendle Price Analysis and Forecast

Pendle has shown a robust bullish trend, rising significantly over the past months, driven by increasing whale activity and strategic funding deposits. Despite facing resistance at the $7 level, the upward price movements, characterized by higher highs and lows, indicate strong bullish sentiment among investors.

However, the inability to exceed the crucial resistance could lead to profit-taking and bearish momentum if market conditions change. Overall, if PENDLE can sustain above $7, further upward movement and potential rallies are likely. Conversely, a drop below key technical support could shift the market sentiment toward the bears.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.