Pendle's supply pressure was renewed when a whale transferred all of its tokens, valued at $1.28 million, to Binance without staking them. According to reports from AMBCrypto, the whale's Binance deposit immediately sparked distribution concerns since transfers to exchanges usually create more available selling pressure. Before depositing, the whale had withdrawn roughly $1.338 million worth of PENDLE from Bybit across six months, while maintaining over $80,000 in profits with a 5x leveraged short position at an open price of $1.52.
Despite the whale's isolated Binance transfer, PENDLE rallied 12.47% at press time, with trading volume growing 121.41% to some $53.13 million. As reported by AMBCrypto, this demonstrated that demand had absorbed the initial supply threat without derailing the recovery. The broader exchange flows offered additional support, with PENDLE recording three days of negative Spot Netflows, keeping its streak of consistent withdrawals going. The most recent reading stood at -$150.61K, indicating that withdrawals were larger than deposits on all tracked spot exchanges.
PENDLE also saw derivative traders build up their positions, with Open Interest (OI) rising 8.46% to $57.11 million, reflecting new leveraged interest in the price rise. According to AMBCrypto, the rise was significant because traders were buying rather than selling during the PENDLE recovery. However, the whale's existing 5x short highlighted the bearish side of that leveraged expansion, though PENDLE's price advance suggested that sellers did not have enough control to derail the recovery.
PENDLE's technical structure shows improvement since the price broke out from the descending channel and bounced from the $1.245 support zone. As reported by AMBCrypto, the breakout halted the downtrend that held price action since July's local top, with the price rallying to about $1.49. The MACD indicator improved following the breakout, as the histogram shifted from negative to positive at 0.017, with the MACD line at about -0.016 and above the signal line at -0.033.
The technical breakout brings PENDLE's price within reach of the $1.574 resistance level, which could provide a chance to move towards major resistance at the $2.00 level. According to AMBCrypto, breaking above $1.574 could strengthen PENDLE's recovery despite rising leveraged market exposure. However, a failure at $1.574 may lead to consolidation, while $1.245 would be the key structural support level. The rising Open Interest may lead to more volatility as the price nears the technical resistance area.
