Pendle Price Prediction: Can These 3 Catalysts Fuel a New ATH?

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As a seasoned researcher with extensive experience in the cryptocurrency market, I have closely followed the recent developments surrounding Pendle Finance. The second half of July brought a bullish turn to the market, with Bitcoin leading the charge and pushing Pendle’s price to a high of $4.45, boosting its market cap to over $691 million.

In the second part of July, the cryptocurrency market displayed a positive trend with Bitcoin experiencing a four-day price increase, pushing it back up to $62,000. This bullish momentum extended to the altcoin market, significantly boosting Pendle’s price to reach an all-time high of $4.45 and raising its market capitalization to $691.5 million. The strong V-shaped recovery, driven by substantial whale purchases, has ignited hopeful expectations for a potential 70% growth in Pendle’s value.

Pendle Finance Demonstrates Robust Security Amid Domain Hijack Threat

Recently, Pendle Finance encountered an attempted domain hijacking caused by a vulnerability in Squarespace during the migration of domains from Google Domains. In response, the team quickly sprang into action and implemented various protective measures to address this issue.

Post Mortem

In June 2023, Google Domains transferred all domain registrations and associated customer accounts to Squarespace, resulting in a necessary shift for affected users.

Recently, attackers exploited a vulnerability in Squarespace, hijacking domains hosted on their…

— Pendle (@pendle_fi) July 12, 2024

According to the autopsy report, a harmful DNS record was discovered in the weekend update, directing Pendle’s decentralized application (dApp) to a malicious website. In a timely manner, the Pendle Finance team swiftly deactivated the app within half a minute and reclaimed control over the domain approximately 0.67 hours following the hijacking attempt.

The tweet further emphasizes that the development team behind Pendle took the required precautions to maintain regular functions.

The occurrence of this event showcases Pendle’s strong security measures and quick reaction abilities, boosting faith and assurance amongst its customers and involved parties.

Pendle Price Prediction: Whale Withdraws $3.73M $PENDLE from Binance

According to Spotonchain’s on-chain analysis, the price surge of Pendle appears to correlate with a substantial purchase by a major investor. This prominent investor, who had been idle for half a year, withdrew approximately 851,298 PENDLE ($3.73 million) from Binance recently.

The $PENDLE price rebounded by ~15% today!
As a crypto investor, I’ve noticed an intriguing development: approximately 30 minutes ago, a significant player or “whale” in the market withdrew a substantial amount of $PENDLE tokens, totaling 851,298 units, valued at around $3.73 million, from Binance. This comes after a prolonged period of six months during which there was no activity with this token from their account.
At the moment, this whale owns approximately $1.7 million worth of $PENDLE, which equates to around $7.51 million in total value, and boasts a profitable gain of over $2.76 million or 58.2%!
Follow…
— Spot On Chain (@spotonchain) July 15, 2024

As a crypto investor, I’m excited to share that the balance in the given address is currently holding a significant amount of 1.703 million PENDLE tokens. The value of these tokens stands at an impressive $7.51 million. Additionally, this investment brings me an unrealized profit of approximately $2.76 million, translating to a remarkable 58.2% increase in value.

Accumulation by savvy investors typically strengthens market confidence and supports price recovery

Pendle Price Rebounds From Multi-Month Support With 70% Rally Ahead

Pendle Price Prediction: Can These 3 Catalysts Fuel a New ATH?

In the midst of the market’s recent rebound, Pendle reached a local minimum at the $3.2 mark. This flat level, combined with an extended support trendline, generated a significant buying zone and propelled the asset up to $4.43, resulting in a 36% increase over the past week.

The recent rise in this asset has caused it to surpass the 200-day moving average (EMA), signaling a bullish outlook.

Examining the day-to-day price chart reveals two upward trendlines that are fueling the current uptrend in Pendle’s prediction. If these supportive trends persist, coin purchasers may initiate a 70% surge, attempting to surpass the previous peak of $7.54.

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2024-07-15 18:26