Pendle Price Jumps 12%, Bullish Sentiment Fueled Ahead of $2 Target

A recent transfer of PENDLE tokens by a whale has sparked concerns about supply pressure.

The whale in question transferred $1.28 million worth of PENDLE to Binance without staking them, which has led to worries that this could create more available selling pressure on the market.

Before moving these funds to Binance, the whale had withdrawn approximately $1.338 million worth of PENDLE from Bybit.

Despite these concerns, Pendle's price has broken a downtrend with a 12% rally.

The bulls are now eyeing a potential target of $2 for the cryptocurrency.