Pendle (Pendle) has collected over 27% in the last 24 hours following its new integration with Ethena (ENA). This collaboration will enable a high-yield strategy using Pendle’s main tokens and Aave’s borrowing market, allowing users to loop through USDE-like stubcoins to loop fixed yields to 8.8%.
As capital flooded the new pool, both Enna and Pendle surged, drawing in whales and traders.
However, even if this rally is moving, on-chain data suggests that the next leg may not be done immediately, and buyers may get cheaper entries before the rally resumes.
After the ENA loop goes live, the whales accumulate $2.6 million in Pendle
Shortly after the announcement of the ENA collaboration, whale activity exploded. Over the past 24 hours, Whale has increased Pendle Holding by 11.08%, pushing its stash to 5.13 million tokens. This means they have purchased around 513,000 new tokens worth more than $2.6 million at their current prices.
The purchase began before the rally as the whales had been actively purchasing pendles for the past seven days. This shows that recent gatherings were not merely emotionally driven, but there were major purchasing actions that promoted it.
One reason behind new whale interest is the increased use of strategies, including Ethena’s USDE, Pendle and Aave. This loop will allow users to borrow USDE from Aave and deposit it in a pendle, earning a fixed yield higher than the borrowing cost, resulting in a profitable transaction.
As more capital enters this loop, Pendle sees an increase in locked total value (TVL) and protocol fees. The increased activity on the platform is why whales are buying it. They may expect sustained demand for Pendle’s yield products to support further upside down of the token.
However, one subtle sign of attention appears. Exchange data shows a slight increase in pendle reserve (a 24 hour timeline) indicating a slight increase in tokens sent to exchanges.
It’s not a big red flag yet, but it’s worth watching, especially as whales still accumulate. Even if the long-term conviction remains unharmed, it could be a short-term signal of incoming profit acquisition or consolidation.
About Token TA and Market Updates: Want more token insights like this? Sign up for Editor Harsh Notariya’s daily crypto newsletter.
Pendle Price Action and RSI propose a short-term cooldown before the next breakout
Pendle’s price structure remains bullish. It is trading within a clear upward channel, already violating major past resistance, and is currently hovering at around $5.23. If momentum applies, the next main target is $5.88, a potential move of 12% from the current level.
However, the structure is bullish, but the momentum may be slightly cooled.
Between July 22 and August 8, Pendle was priced higher, but RSI (Relative Strength Index) formed a lower high. This mild bearish difference suggests that buyers may at least temporarily lose power. Also, RSI is not yet in the sold zone zone. This often occurs before a continuous breakout.
This means that a rapid integration phase could be deployed before another breakout. The main support zones to watch are $5.03 and $4.74. Immerse yourself in this range does not disable bullish setups. It simply provides better entries to buyers before the rally resumes.
However, if the pendle breaks cleanly above $5.27, it could disable the short-term pullback scenario. In that case, the rally can extend it towards a higher level without having to withstand much resistance.
Post-whale will scoop up $2.6 million in pendle when the USDE loop goes live. It first appeared in Beincrypto.
