- The Pendle Finance Ecosystem Fund has moved $1.6 million worth of PENDLE tokens to Binance.
- The price of PENDLE surged by over 15% in the past 24 hours, approaching the $3 zone.
While the global crypto market is swinging with both gains and losses, the movement of large asset volumes across exchanges is drawing increased attention. In a recent transaction, Pendle Finance’s Ecosystem Fund transferred 600,000 PENDLE tokens, equivalent to approximately $1.64 million, to Binance around 11 hours ago. This marks a significant transfer for the fund in 2024, adding to the already notable net movement of 4 million PENDLE tokens, valued at $11.2 million, to centralized exchanges this year.
Despite the significant outflows, Pendle Finance’s strategy appears strong, with 18.56 million PENDLE tokens, worth an estimated $51 million, still in reserve. Historically, the price of PENDLE has tended to experience a slight decline following these large deposits; however, now it has shown a recovery shortly. Notably, the cryptocurrency has nearly doubled since its August 5 low of $1.89.
Can PENDLE Sustain Its Rally?
After a significant drop in early August, PENDLE has surged over 15% in 24 hours, climbing from $2.46 to $2.83 and nearly 50% since its August low of $1.89.
The surge follows its listing on the South Korean exchange Upbit on August 6, which fueled a strong rally. Despite a previous decline to $1.89 on August 5, the crypto rebounded 75% to $3 on August 6, though it later traded at $2.77.
However, the recent low pushed the daily RSI (Relative Strength Index) to an oversold level of 25%, similar to levels seen in August of the previous year, which marked the start of the last bull phase. This, along with interaction at the 0.786 Fibonacci level and support from a descending channel, suggests the end of the bearish phase.
The RWA crypto token continues its upward momentum, hinting at the beginning of a new bull phase. If the crypto breaks above its current target of $3, it could see further gains, potentially reaching $5. If it fails to hold its gains, a downturn to recent lows could occur, potentially invalidating the bullish outlook.
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