Pendle Price Breaks Out of Descending Channel, Sparking 46% Rally
Pendle's price has broken out of a multi-month descending channel and reclaimed $1.8295 as support, sparking a 46% rally.
The token is up over 10% in the past week, with its total value locked standing at $1.231 billion and 30-day protocol fees reaching $688,828. Pendle's perpetual trading volume has also climbed to $994.58 million, while DEX volume stands at $541.64 million.
Open interest analysis shows futures activity increasing alongside price, with Coinglass data indicating a push to $66.38 million and 24-hour futures volume of $51.06 million.
A closer look at positioning reveals long-to-short account ratios that lean firmly bullish, especially on Binance and OKX, while liquidation data shows short sellers being squeezed as the breakout developed.
The Pendle crypto price prediction from here likely hinges on whether $1.8295 continues to hold as support through any pullback, rather than the size of the next headline gain.