{"id":626789,"date":"2026-08-20T20:00:35","date_gmt":"2026-08-21T00:00:35","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=626789"},"modified":"2026-08-20T09:44:00","modified_gmt":"2026-08-20T13:44:00","slug":"pendle-crypto-breaks-downtrend-with-12-rally-can-bulls-target-2","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/pendle-crypto-breaks-downtrend-with-12-rally-can-bulls-target-2\/","title":{"rendered":"PENDLE crypto breaks downtrend with 12% rally – Can bulls target $2?"},"content":{"rendered":"

Pendle’s [PENDLE] supply pressure was renewed when a whale transferred all of its tokens, valued at $1.28 million, to Binance without staking them.\u00a0<\/span><\/p>\n

The whale’s <\/span>Binance deposit<\/span>\u00a0immediately sparked distribution concerns since transfers to exchanges usually create more available selling pressure.\u00a0<\/span><\/p>\n

Before depositing, the whale had withdrawn roughly $1.338 million worth of PENDLE from Bybit across six months.\u00a0<\/span>The whale also had over $80,000 in profits<\/a> while still holding a 5x leveraged short position at an open price of $1.52.<\/span><\/p>\n

However, PENDLE rallied 12.47% at press time, and trading volume grew 121.41% to some $53.13 million. Therefore, demand had absorbed the initial supply threat without derailing the recovery.<\/span><\/p>\n

Three-day outflow streak tightens available supply<\/b><\/h2>\n

Broader exchange flows offered buyers another advantage despite the whale\u2019s isolated Binance transfer. PENDLE<\/a> had recorded three days of negative Spot Netflows, keeping its streak of consistent withdrawals going.<\/span><\/p>\n

The most recent reading stood at -$150.61K, indicating that withdrawals were larger than deposits on all tracked spot exchanges.\u00a0<\/span>Importantly, the three-day pattern suggested broader holders had not followed the whale toward exchanges during PENDLE\u2019s recovery.\u00a0<\/span><\/p>\n

Rather, aggregate flows kept moving tokens away from trading venues, and buyers controlled the spot market as supported by the <\/span>Spot Taker CVD indicator<\/span><\/a>. <\/span>Therefore, the whale\u2019s potential supply faced a market environment with declining exchange balances from recent flows.<\/span><\/p>\n

Continued outflows would likely strengthen that narrative, particularly as aggressive spot buying remained dominant. <\/span>However, a reversal toward sustained inflows could weaken the current demand advantage.<\/span><\/p>\n

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Source: CoinGlass<\/figcaption><\/figure>\n

Rising Open Interest adds fuel and risk<\/b><\/h2>\n

PENDLE also saw derivative traders build up their positions, further adding to the emerging demand situation.\u00a0<\/span><\/p>\n

At the time of writing, the <\/span>Open Interest<\/span> (OI) rose 8.46% to $57.11 million, reflecting new leveraged interest in the price rise.<\/span><\/p>\n

The rise was significant because traders were buying rather than selling during the PENDLE. But that didn’t determine whether the new positions were preference longs or shorts.<\/span><\/p>\n

The whale\u2019s existing 5x short highlighted the bearish side of that leveraged expansion. However, PENDLE’s price advance suggested that the sellers did not have enough control to derail the recovery. <\/span>Meanwhile, the rising OI may lead to more volatility as the price nears an important technical resistance area.\u00a0<\/span><\/p>\n

Strong spot demand could pressure bearish positions should PENDLE continue advancing.\u00a0<\/span>However, if buyers are weakened, then the market may see more severe declines as the leveraged exposure unwinds.<\/span><\/p>\n

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Source: CoinGlass<\/figcaption><\/figure>\n

PENDLE’s price keeps KEY resistance within reach\u00a0<\/b><\/h2>\n

PENDLE’s technical structure shows an improvement since the price broke out from the descending channel and bounced from the $1.245 support zone. The breakout halted the downtrend that held price action since July’s local top.<\/span><\/p>\n

The price then rallied to about $1.49, bringing the $1.574 resistance right into the recovery. Instead of getting stuck in a downtrend resistance zone, buyers have decisively moved <\/span>PENDLE <\/span><\/a>out of the channel’s upper boundary.<\/span><\/p>\n

The MACD indicator also improved following the breakout, as the histogram shifted from negative to positive at 0.017 as of writing. The MACD line was at about -0.016 and above the signal line at -0.033.\u00a0<\/span><\/p>\n

Therefore, the suggested bullish momentum is still intact. Breaking above $1.574 could provide a chance to move towards major resistance at the $2.00 level.\u00a0<\/span><\/p>\n

However, a failure at $1.574 may lead to consolidation, while $1.245 would be the key structural support level.<\/span><\/p>\n

\"PENDLE<\/a>
Source: TradingView<\/figcaption><\/figure>\n
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Final Summary<\/b><\/h2>\n