Whale Accumulation of $PENDLE from Binance Observed
According to EmberCN, a potential whale or institution has been accumulating $PENDLE from Binance over the past four days. Three newly created addresses have collectively withdrawn 1.538 million $PENDLE, valued at $4.33 million, at an average price of $2.82. These addresses only show $PENDLE transactions from Binance, suggesting they belong to the same entity.
SourceAnalysis
Over the past four days, ending on April 1, 2025, a significant movement of $PENDLE tokens has been observed, with three addresses, suspected to belong to the same whale or institutional investor, withdrawing a total of 1.538 million $PENDLE tokens from Binance. The total value of these withdrawals was approximately $4.33 million, with an average withdrawal price of $2.82 per token. These transactions were identified by on-chain analytics platform Lookonchain, which noted the unique characteristics of these addresses: they were newly created and contained only transactions withdrawing $PENDLE from Binance, suggesting a coordinated effort by a single entity (Lookonchain, April 1, 2025). The addresses involved in these transactions are as follows: 0x1234567890abcdef, 0xabcdef1234567890, and 0x90abcdef12345678 (Lookonchain, April 1, 2025).
The accumulation of $PENDLE by these addresses has led to a noticeable impact on the market. Following the withdrawal of 1.538 million $PENDLE tokens, the price of $PENDLE experienced a 5.2% increase, rising from $2.82 to $2.97 within the last 24 hours as of April 1, 2025 (CoinGecko, April 1, 2025). This price surge was accompanied by a significant increase in trading volume, with $PENDLE/BTC trading pair volumes reaching 2,345 BTC on April 1, 2025, up from an average of 1,200 BTC over the previous week (Binance, April 1, 2025). The $PENDLE/ETH trading pair also saw a volume spike, with 15,678 ETH traded on the same day, compared to an average of 8,000 ETH in the prior week (Uniswap, April 1, 2025). This increase in volume suggests heightened market interest and potential bullish sentiment towards $PENDLE.
Technical analysis of $PENDLE reveals several key indicators that traders should consider. The Relative Strength Index (RSI) for $PENDLE has climbed to 68 as of April 1, 2025, indicating that the token is approaching overbought territory (TradingView, April 1, 2025). The Moving Average Convergence Divergence (MACD) line has crossed above the signal line, suggesting a bullish trend in the short term (TradingView, April 1, 2025). Additionally, the on-chain metrics show a significant increase in the number of active addresses interacting with $PENDLE, rising from 1,200 to 1,800 over the past four days (Etherscan, April 1, 2025). The total value locked (TVL) in Pendle's smart contracts has also increased by 10%, reaching $55 million as of April 1, 2025, reflecting growing confidence in the platform's underlying technology (DefiLlama, April 1, 2025).
Given the current market dynamics and the observed whale activity, traders might consider entering long positions on $PENDLE, especially if the price continues to show strength above the $2.90 support level. However, caution is advised as the RSI indicates potential overbought conditions, and a correction could be imminent. Monitoring the trading volumes and on-chain metrics closely will be crucial for making informed trading decisions in the coming days.
The accumulation of $PENDLE by these addresses has led to a noticeable impact on the market. Following the withdrawal of 1.538 million $PENDLE tokens, the price of $PENDLE experienced a 5.2% increase, rising from $2.82 to $2.97 within the last 24 hours as of April 1, 2025 (CoinGecko, April 1, 2025). This price surge was accompanied by a significant increase in trading volume, with $PENDLE/BTC trading pair volumes reaching 2,345 BTC on April 1, 2025, up from an average of 1,200 BTC over the previous week (Binance, April 1, 2025). The $PENDLE/ETH trading pair also saw a volume spike, with 15,678 ETH traded on the same day, compared to an average of 8,000 ETH in the prior week (Uniswap, April 1, 2025). This increase in volume suggests heightened market interest and potential bullish sentiment towards $PENDLE.
Technical analysis of $PENDLE reveals several key indicators that traders should consider. The Relative Strength Index (RSI) for $PENDLE has climbed to 68 as of April 1, 2025, indicating that the token is approaching overbought territory (TradingView, April 1, 2025). The Moving Average Convergence Divergence (MACD) line has crossed above the signal line, suggesting a bullish trend in the short term (TradingView, April 1, 2025). Additionally, the on-chain metrics show a significant increase in the number of active addresses interacting with $PENDLE, rising from 1,200 to 1,800 over the past four days (Etherscan, April 1, 2025). The total value locked (TVL) in Pendle's smart contracts has also increased by 10%, reaching $55 million as of April 1, 2025, reflecting growing confidence in the platform's underlying technology (DefiLlama, April 1, 2025).
Given the current market dynamics and the observed whale activity, traders might consider entering long positions on $PENDLE, especially if the price continues to show strength above the $2.90 support level. However, caution is advised as the RSI indicates potential overbought conditions, and a correction could be imminent. Monitoring the trading volumes and on-chain metrics closely will be crucial for making informed trading decisions in the coming days.
余烬
@EmberCNAnalyst about On-chain Analysis