Pendle Price Rises 24% Despite Whale Sell-Off, Targets $5 Resistance  

• Pendle price surged 24%, resisting a whale sell-off and breaking out of a wedge pattern.  
• A 64% price rise over two weeks signals momentum despite significant sell-offs by large holders.  
• Reductions in exchange supply historically correlate with Pendle price rallies, driving current recovery momentum.

Pendle’s price momentum surged by 24%, overcoming significant sell-offs by Arthur Hayes, the co-founder of BitMEX, who recently sold 1.59 million Pendle tokens for approximately $5.62 million at an average price of $3.52. 

Despite this sell-off, the price of Pendle exhibited resilience and broke past a key resistance point. Investors observed a bullish crossover between the 20-day and 50-day EMA slopes, hinting at further momentum driving the price rally forward.  

The breakout came after a period of recovery fueled by market optimism, particularly around the U.S. Federal Reserve‘s possible rate cuts. With this price surge, Pendle investors turned their focus on the next key resistance level of $5, a point that could establish the coin’s position in a stronger recovery trend.  

Additionally, the Pendle supply on exchanges dropped from $37.58 million to $32.73 million, a factor that has historically contributed to price rallies.

This reduction in available supply has been associated with positive price movements, as seen during the August bottom when Pendle was trading at $1.80. As a result, investor sentiment grew optimistic about Pendle’s future performance.  

Over the past two weeks, the cryptocurrency witnessed a 64% increase in its value, rising from $2.48 to $4.08. This remarkable growth occurred despite heavy selling pressure from large holders like Hayes, demonstrating the coin’s ability to defy the broader market’s bearish trends. As Pendle continues to defy expectations, investors remain cautious yet hopeful about the asset’s near-term future.

Pendle’s surge indicates that its price recovery is gaining traction, with the possibility of testing the $5 resistance in the coming sessions. The key driving factor behind the current rally appears to be a combination of technical signals and a drop in exchange supply, a potent mix that could lead Pendle to maintain its upward trajectory.