- Pendle jumps 22.6% as $4.65M wallet transfer and soaring yield-loop demand fuel bullish momentum near key resistance.
- Ethena’s USDe dominance and 5% fee structure drive strong PENDLE buying pressure, making it central to high-yield strategies.
- Traders eye $5.20–$5.50 breakout zone as holding above $5.00 could open path to higher targets amid volatile market swings.
Pendle (PENDLE) delivered a sharp 22.6% jump in the past 24 hours, outshining the broader crypto market’s modest 2.58% rise. The surge happened amid strong market excitement and strategic moves that boosted confidence in the protocol.
A key trigger was a $4.65 million transfer which was reported by Spotonchain of PENDLE to Binance by a multisig wallet linked to the project. This wallet still holds over $135 million in PENDLE, suggesting the move is about liquidity or partnerships rather than a major sell-off. Traders rushed in, betting on continued momentum.
Besides the wallet move, Pendle’s yield-loop strategies played a massive role in the rally. Ethena’s USDe stablecoin now makes up about 60% of Pendle’s $5.2 billion total value locked. This growth has fueled demand for fixed-yield products, with a 5% fee on Principal Tokens directly boosting PENDLE buying pressure.
Consequently, the token is becoming central to high-yield strategies that traders are calling “infinite loops.” The combination of strong fundamentals, fresh liquidity signals, and aggressive yield demand is turning Pendle into a hot pick this cycle.
Technical Breakout at Critical Levels
Technically, PENDLE is trading near $5.19, brushing against a key resistance range of $5.20–$5.50. This zone has rejected prices before, but sustained buying could push the token into a breakout. A decisive move above this level may unlock a path to higher targets.
Source: Crypto Winkle
Furthermore, historical data indicates that there was support and several rebounds between $2.20 and $2.50. These areas might serve as safety nets once more if the present upswing falters. Volatile swings are also visible on the weekly chart, with severe corrections frequently following big gains. However, Pendle’s tenacity in rebounding from $1.00 levels lends credence to the bullish argument.
The market sees both opportunity and notable risk. A clean breakout could fuel extended gains, while a pullback may retest lower support. Hence, traders are closely watching the $5.20–$5.50 range for confirmation.
