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<p>PENDLE holders are the happiest ones this weekend after the token pumped over 25% today.</p>
<p>The PENDLE price is now hovering around $4.33. Volume also exploded over 200%, reaching more than $350 million in the last 24 hours. These are some impressive numbers indeed. But what’s driving the surge?</p>
<h2 class="wp-block-heading" id="hayes-sell-off-a-surprising-catalyst-for-pendle-price-pump">Hayes’ Sell-Off: A Surprising Catalyst For PENDLE Price Pump?</h2>
<p>Interestingly, the positive price action follows what could be considered negative news. Arthur Hayes tweeted about <a href="https://captainaltcoin.com/bitmex-co-founder-arthur-hayes-dumps-his-holdings-in-this-ethereum-eth-token-takes-huge-loss/" target="_blank" rel="noopener noreferrer nofollow">reducing his PENDLE position.</a> He stated that Maelstrom Fund is cutting back its PENDLE holdings, although it remains one of their largest positions.</p>
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   <p lang="en" dir="ltr">As you can see <a href="https://twitter.com/MaelstromFund?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@MaelstromFund</a> is reducing its <a href="https://twitter.com/search?q=%24PENDLE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$PENDLE</a> position. Even after the reduction it is still one of our largest positions. We still fully believe that <a href="https://twitter.com/search?q=%24PENDLE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$PENDLE</a> will be the leader in <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#crypto</a> interest rate derivatives. And we plan to profit off of their success.<br><br>We have…</p>— Arthur Hayes (@CryptoHayes) <a href="https://twitter.com/CryptoHayes/status/1837389985324118212?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">September 21, 2024</a>
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<p>Hayes explained that their continued belief in PENDLE’s potential to lead the crypto interest rate derivatives market and their intention to profit from its success.</p>
<p>In real numbers, Hayes sold 61% of his PENDLE position, equivalent to over $4.4 million.</p>
<h2 class="wp-block-heading" id="pendle-price-analysis">PENDLE Price Analysis</h2>
<p>Following this price pump, analyst DeFiDOG shared a viral PENDLE chart on Twitter. The PENDLE chart reveals several interesting insights:</p>
<p>A descending trendline, previously indicating bearish pressure, has been broken. This breakout signals a potential trend reversal or bullish breakout. The current price of around $4.3 appears to be a crucial short-term support level. If it holds, it could provide a foundation for further upward movement.</p>
<figure class="wp-block-image aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="473" src="https://captainaltcoin.com/wp-content/uploads/2024/09/image-463-1024x473.png" alt="" class="wp-image-557998" srcset="https://captainaltcoin.com/wp-content/uploads/2024/09/image-463-1024x473.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/09/image-463-300x138.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/09/image-463-767x354.png 767w, https://captainaltcoin.com/wp-content/uploads/2024/09/image-463-1536x709.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/09/image-463-2048x945.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/09/image-463-325x150.png 325w, https://captainaltcoin.com/wp-content/uploads/2024/09/image-463-100x46.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/09/image-463-758x350.png 758w, https://captainaltcoin.com/wp-content/uploads/2024/09/image-463-788x363.png 788w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption"><strong>Source: <a href="https://x.com/TheDefiDog/status/1837663025978843331" target="_blank" rel="noopener noreferrer nofollow">X/TheDefiDog</a></strong>
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<p>The immediate resistance is set at $7.54, representing a previous high. This level could be a key profit-taking point for traders if the rally continues. The price recently surged by 18.78%, indicating strong bullish momentum. This, coupled with the trendline breakout, suggests potential for more upward movement, especially if the price remains above the $4.24 mark.</p>
<p>Volume indicators show increased activity, suggesting growing buyer interest. The buy-to-sell ratio reveals significantly more buy volume ($693k) compared to sell volume ($282k), confirming that buyers currently dominate the market.</p>
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<p>If the bullish breakout holds, the next significant price target could be around $7.54. Should this level be cleared, further upside might target levels above $8.00. However, if the $4.24 support fails to hold, a pullback could bring the price down to $3.38.</p>
<p><em><strong>Read also: <a href="https://captainaltcoin.com/heres-why-aave-price-is-rising-key-levels-and-channel-up-pattern-explained/" target="_blank" rel="noopener noreferrer nofollow">Here’s Why AAVE Price is Rising: Key Levels and Channel Up Pattern Explained</a></strong></em></p>
<p>The break of the descending trendline suggests a potential reversal of the previous bearish trend, possibly signaling the start of a new bullish cycle. As buyers step in, the price may test higher resistance levels.</p>
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<p>The post <a href="https://captainaltcoin.com/why-is-pendle-price-up-despite-hayes-sell-off/" rel="noopener noreferrer nofollow">Why Is PENDLE Price Up Despite Hayes’ Sell-Off?</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Why Is PENDLE Price Up Despite Hayes’ Sell-Off?

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