PENDLE crypto breaks downtrend with 12% rally – Can bulls target $2?

Pendle’s [PENDLE] supply pressure was renewed when a whale transferred all of its tokens, valued at $1.28 million, to Binance without staking them. 

The whale’s Binance deposit immediately sparked distribution concerns since transfers to exchanges usually create more available selling pressure. 

Before depositing, the whale had withdrawn roughly $1.338 million worth of PENDLE from Bybit across six months. The whale also had over $80,000 in profits while still holding a 5x leveraged short position at an open price of $1.52.

However, PENDLE rallied 12.47% at press time, and trading volume grew 121.41% to some $53.13 million. Therefore, demand had absorbed the initial supply threat without derailing the recovery.

Three-day outflow streak tightens available supply

Broader exchange flows offered buyers another advantage despite the whale’s isolated Binance transfer. PENDLE had recorded three days of negative Spot Netflows, keeping its streak of consistent withdrawals going.

The most recent reading stood at -$150.61K, indicating that withdrawals were larger than deposits on all tracked spot exchanges. Importantly, the three-day pattern suggested broader holders had not followed the whale toward exchanges during PENDLE’s recovery.