Pendle Surges Over $5 following Exceptional Volume Boost
Pendle’s price spiked over 5%, reaching $5.10 as trading volumes soared by 35% to $110 million. This surge propelled the coin’s total value locked to a record high above $12.1 billion.
With major cryptos following broad market trends last Thursday due to U.S. inflation data, Pendle emerged as a standout performer. Its price leap from $4.76 to $5.10 ended a downtrend starting August 24, from highs of $6.29.
- Pendle breaching $5 signifies strong buying interest.
- The total value locked in Decentralized Finance protocols hit a new all-time high.
- Elevated trading activity hints at renewed investor confidence.
This momentum could pave the way for Pendle to reclaim its all-time high of $7.50 from April 2024. The increased buyer activity between $4.73 and $5.12 may form a strong support range.
As of September 11, the 24-hour volume surged beyond 35% to $110 million, illustrating robust demand. Pendle’s position in the DeFi space strengthened, with its TVL doubling from $4.81 billion in July this year.
Several macroeconomic factors and institutional engagement have fueled this climb. Tariffs,interest rates,and crypto regulations shape market sentiment,but growing stablecoin adoption augurs well for altcoins like Pendle.
Data indicates that open interest in Pendle rose to $143 million, underlining the significant buzz around it. This upward trajectory shows sustained bullish sentiment among investors.
