Pendle Price Defies Whale Dump with Breakout Momentum; $5 Target Next?
The Pendle crypto has recently garnered investors’ attention with a high momentum rally and defying the sell-off from large holders. The recovery trend initiated with the U.S. Federal Reserve rate cut speculation but gained stability with a key resistance breakout. Will Pendle price prolong its rally past $5, or are sellers waiting for a counterattack?
Pendle Price Overcomes Whale Sell-Off with Breakout Surge
In the last two weeks, the Pendle price shows an accelerated recovery from $2.48 to $4.08, a 64% increase. Amid the broader market recovery, discussions stand out as the asset defies substantial selling pressure from the co-founder of BitMex, Arthur Hayes. According to lookonchain, Hayes recently sold off 1.59 million PENDLE tokens for approximately $5.62 million at an average price of $3.52 per token.
However, the Pendle price displayed resilience to this supply pressure, as the asset surged by 24% after his sell-off. After the price recovery, Hayes sold tokens worth around $6.91 Million, indicating a potential loss of $1.29 Million.
Arthur Hayes(@CryptoHayes) sold 1.59M $PENDLE for $5.62M at an average price of $3.52 over the past 2 days.
After his sell-off, the price of $PENDLE surged by 24%, making the 1.59M $PENDLE worth $6.91M now.
His sell-off resulted in a loss of ~$1.29M!https://t.co/HNWw2RiuDO pic.twitter.com/IWvDTrc0Qt
— Lookonchain (@lookonchain) September 22, 2024
Interestingly, the Pendle Supply on exchanges suddenly dropped from $37.58 Million to $32.73 Million during the Sunday trading session. According to Santiment data, similar reductions in exchange supplies have historically supported Pendle price recovery, like the formation of its August 2024 bottom at $1.8.
Generally, a decrease in the available supply of tokens on exchanges reduces the market selling pressure and bolsters buyers for sustained recovery.
Pendle Supply on Exchange | Santiment
Pendle Price Signals a Major Breakout From Wedge Pattern
By press time, the Pendle price recorded an 11% surge to $4.06, providing a decisive breakout from the rising wedge pattern. In the past seven weeks, this chart set up a confined recovery between two converging trendlines, but the recent breakout signals the buyer’s readiness for an accelerated rally.
In addition, the recent jump pushed the altcoin above 100-and-200-day Exponential Moving Averages (EMAs), signaling a positive shift in market sentiment. If the bullish momentum holds, the buyers could drive a 17.5% surge to $4.78 resistance, followed by an extended value of $2.68.
PENDLE/USDT – 1d Chart
On the contrary, if the potential retest to the breached trendline re-enters the wedge pattern, the prevailing correction sentiment could resume.
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