Pendle Price Breaks Downtrend with 12% Rally, Bulls Eye $2

Pendle's price has broken out of its downtrend with a 12.47% rally, according to CoinGlass data.

The sudden surge in price comes despite concerns about supply pressure after a whale transferred $1.28 million worth of PENDLE tokens to Binance without staking them, sparking distribution worries.

However, demand seems to have absorbed the initial supply threat, with trading volume growing 121.41% to $53.13 million and buyers controlling the spot market as supported by the Spot Taker CVD indicator.

The three-day outflow streak of Pendle tokens from exchanges suggests that broader holders have not followed the whale's lead in transferring their tokens to Binance, with aggregate flows keeping tokens away from trading venues.