Pendle, a decentralized finance (DeFi) protocol, showcased notable resilience to the recent market sell-off, with its coin price rebounding from $4.9 support. This positive upswing recorded 42% growth within three days and pushed the asset value to $6.97. Moreover, with the upcoming Bitcoin Halving<\/a> just around the corner, the broader is expected to witness a renewed recovery potential impact on the Pendle price for higher recovery.<\/span><\/p>\n Also Read: 3 Altcoins Whales Are Buying To Make Millions<\/a><\/span><\/p>\n <\/p>\n Despite broader market consolidation, Pendle coin<\/a> has shown a robust recovery since mid-March, surging 225% from $2.30 to a high of $7.53. However, the geopolitical issue in the Middle East triggered a temporary pullback to $4.9, before the asset regained its above at $6.88.<\/span><\/p>\n As per the Fibonacci retracement tool, the Pendle rebounded from the 50% pullback, indicating constructive correction which allowed buyers to recuperate its strength. With an intraday gain of 1%, the coin buyers are likely to challenge the swing high resistance of $7.53.<\/span><\/p>\n A successful breakout from this barrier will favor buyers with suitable flipped support to chase a higher price target of $10, followed by $12.<\/span><\/p>\n<\/blockquote>\n <\/p>\n However, SpotOnChain recently reported a noteworthy transaction involving a wallet identified as 0x01f, which deposited 400K PENDLE tokens into Binance. This transaction came after a year of dormancy and is significant in value at approximately $2.68 million. The same wallet had previously vested 1.8 million PENDLE from Pendle Finance in 2022, valued at $264K at the time, and still holds 1.4 million PENDLE, now worth $9.42 million.\u00a0<\/span><\/p>\n Wallet 0x01f (likely an investor) deposited the first 400K $PENDLE<\/a> ($2.68M) to #Binance<\/a> at $6.71 after a year of dormancy ~30 mins ago.<\/p>\n Notably, the wallet vested 1.8M $PENDLE<\/a> from @pendle_fi<\/a> in 2022 and 2023, at ~$0.147 ($264K),<\/p>\n And now still holds 1.4M $PENDLE<\/a> ($9.42M).\u2026 pic.twitter.com\/vaG5xtnHsM<\/a><\/p>\n \u2014 Spot On Chain (@spotonchain) April 15, 2024<\/a><\/p>\n<\/blockquote>\n A possible interpretation of this transaction is that the whale does not expect an aggressive rally for Pendle price in the near term, and therefore booking partial profit.<\/span><\/p>\n <\/p>\n Thus, a potential reversal from $7.5 may send the next downswing below $5 support.<\/span><\/p>\n Also Read: Galaxy Digital CEO Says Bitcoin \u201cWill Resume Its Trend Higher\u201d After Epic Bloodbath<\/a><\/p>\n <\/p>\n Related Articles<\/p>\n \u2713 Share:<\/p>\n <\/a><\/p>\n <!– <\/p>\n <\/p>\n <\/a><\/p><\/div>\n<\/p><\/div>\nWhale Transactions Hint at Cautious Optimism for Pendle Price Recovery<\/h2>\n
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