Pendle (PENDLE) recently experienced renewed supply pressure after a whale transferred all of its tokens, valued at $1.28 million, to Binance without staking them. Prior to the deposit, the whale had withdrawn approximately $1.338 million worth of PENDLE from Bybit over six months and held a 5x leveraged short position at an open price of $1.52, yielding over $80,000 in profits.
Despite the potential selling pressure created by the exchange transfer, PENDLE rallied 12.47% to trade around $1.49, while trading volume surged 121.41% to $53.13 million. Broader exchange flows also supported buyers, with PENDLE recording three consecutive days of negative Spot Netflows. The most recent reading stood at -$150.61K, indicating that withdrawals continued to outpace deposits across tracked spot exchanges and that broader holders were not following the whale's actions.
Derivative markets saw increased activity alongside the price recovery. Open Interest rose 8.46% to $57.11 million, reflecting heightened leveraged interest during the price rise. While the whale's existing 5x short highlighted bearish exposure, the overall price advance suggested that sellers lacked sufficient control to halt the recovery.
From a technical standpoint, PENDLE broke out of the descending channel that had guided price action since July's local top, bouncing from the $1.245 support zone. Momentum indicators also showed improvement, with the MACD histogram shifting from negative to positive at 0.017. The MACD line stood at approximately -0.016, remaining above the signal line at -0.033.
Analysts note that breaking above the immediate $1.574 resistance level could clear a path toward major resistance at $2.00. Conversely, a failure at $1.574 may trigger consolidation, with $1.245 serving as a key structural support level.
