Pendle has experienced remarkable growth in 2024, with its Total Value Locked (TVL) surging to $6.577 Billion and a significant increase in holder addresses. This on-chain expansion over the past months has been notable. The token's price also exhibited strong growth, rising from $1.25 to $7.45 in the last five months.
Strong TVL & Increased Holders Addresses: Impact on Price
Recent data from DeFiLlama revealed a substantial growth in Pendle's TVL, which escalated from $238.58 Million to $6.577 Billion over five months, marking a growth of 32.5x. This surge in TVL has instilled confidence in investors, indicating growing trust in the protocol due to increased capital locked.
Additionally, the number of holder addresses rose, reaching 34,903 from 32,521 in just a week, according to Arbiscan's data. These metrics underscore Pendle's activity and its appeal to users and developers within the cryptocurrency landscape.
Is Pendle Poised to Achieve the $10 Milestone?
On the technical side, Pendle has shown significant price growth, escalating from $1.25 to $7.45 in five months, reflecting a remarkable 492% increase. Although facing resistance around $7.50, a potential breakthrough could propel the token towards the $10 mark in upcoming sessions.
At the time of writing, Pendle was trading at $6.14683 with slight intraday growth of 0.56%. The market cap stood at 945.81 Million, the 24-hour trading volume at 69.37 Million, and the fully diluted market cap at 1.58 Billion.
Throughout the year, Pendle has shown impressive performance, with a YTD growth of 416.12% and growth rates of 374.78% in the last six months, 97% in the previous three months, and 21.40% in the last month, indicating sustained bullish trends.
Deciphering Pendle's Technical Chart Indicators
Technical analysis on TradingView platform highlights bullish sentiment, with a majority of indicators favoring a buying position. The price of Pendle is trading above key moving averages, suggesting bullish momentum. The RSI curve, although in the positive zone, indicates neutrality in current sessions as it hovers below the 14-SMA line.
Conclusion
Pendle has demonstrated substantial growth across various metrics, reflecting users' confidence in the protocol and promising bullish signals on the technical chart. Investors should conduct their own research and consider the risks associated with investing in crypto assets before making decisions.
Disclaimer
This analysis is intended for informational and educational purposes only and should not be construed as financial advice. Investing in cryptocurrencies carries inherent risks, and individuals should assess their risk tolerance before engaging in such activities.
