The price of PENDLE has risen by 12.5% today, marking a significant achievement against a stagnant crypto market. The current price hovers above $4.7.
Current Market Dynamics for PENDLE
The price of PENDLE has encountered a resistance level around $4.7, which has been a challenging area in both July and September. This current value is the highest since June. Prominent analyst Defi_Mochi, with almost 100,000 followers on X, expressed confidence in reaching the $20 level by the end of Q4.
Rapid Ecosystem Expansion
PENDLE has solidified its position as a critical liquidity provider across various crypto ecosystems. The platform has secured over $500 million in TVL within the BTCfi ecosystem and facilitated over $944 million in USDe via Ethena Labs, with a total TVL reaching an impressive $2.49 billion.
Growth Factors and Forecast
With significant activity, the platform handles around $60 million in daily trading volume. The upcoming Pendle V3 release promises further growth by introducing trading markets across multiple chains and leveraged trading capabilities. Current strategic partnerships are expected to further expand its TVL.
Analysts expect that increased participation in liquidity systems and new features will drive further PENDLE price growth.
