In a time when many altcoins are experiencing price declines, PENDLE stands out with its significant price increase. The token has risen by 12% in just one day and over 25% in the past month.
Factors Driving PENDLE's Price Increase
Crypto analyst reports indicate that PENDLE is the only sector showing positive open interest on Binance. This suggests traders are opening more positions than they are closing. Additionally, PENDLE has the highest positive funding rates in its sector, indicating bullish market sentiment.
Whale Activity and Its Impact
Recent reports have shown that a whale purchased over 607,000 PENDLE tokens, spending approximately $1.86 million. These significant purchases create strong buying pressure and may contribute to further price increases.
Future Prospects for PENDLE
Given the current momentum, PENDLE may continue to climb over the upcoming weeks. There are indications that the price could reach $3.50 or even $4, contingent on further investments from large players.
Amid a bearish market, PENDLE demonstrates unique resilience thanks to the investments of major players and positive fundamentals. Investors should monitor support levels around $2.80 and $2.50 to evaluate potential corrections.
