After losing over 65% of its value in a prolonged downtrend since August 2025, the Pendle (PENDLE) token appears to be pausing for a potential reversal. This outlook is supported by a major whale accumulating $2.82 million worth of PENDLE from Binance and locking it away until 2028, alongside rising staking figures and increasing trading volume. Technical analysis suggests the token could rally if it holds a key support level.
A newly created whale wallet, identified as “0xd28,” withdrew 1.5 million PENDLE tokens worth approximately $2.82 million from Binance. As tracked by crypto platform Onchain Lens, the whale then sent the assets into a time lock until January 20, 2028, signaling a long-term conviction in Pendle’s prospects.
Concurrent with this accumulation, the amount of staked PENDLE tokens has been rising steadily, surpassing 11 million within a week according to data from Dune. This staking activity suggests investors are opting to lock their assets, which can help reduce immediate selling pressure on the market.
At press time, PENDLE was trading at $1.96, marking a 4.95% increase over the previous 24 hours. Trading volume also rose by 13% to $43.24 million, indicating heightened market interest alongside the price gain.
Technical analysis reveals PENDLE has been trading within a parallel channel between $1.70 and $7 since January 2024. Historical precedent shows the token has staged strong reversals, with gains over 200%, after touching this lower boundary multiple times in the past.
If PENDLE holds above the critical $1.70 support level, it could see a price increase of around 22% toward the $2.38 mark. Further bullish momentum could push it toward $2.81, while a breakdown below $1.70 could invalidate the optimistic outlook.
On-chain metrics currently show a balanced Money Flow Index reading of 51.23, suggesting neither overbought nor oversold conditions. However, the price remains below the 50-day Exponential Moving Average, indicating prevailing short-term bearish sentiment.
Derivative data from CoinGlass shows traders have built approximately $503,550 in long-leveraged positions compared to $270,000 in short positions around key price levels. This significant imbalance suggests a strong trader bias toward a near-term bullish move for PENDLE.
