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Pendle TVL Surges 20x 2024, Will Price Follow The Same?

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Pendle is a protocol which enables the tokenization and trading of future yields while creating an AMM which supports the assets with the time decay. The protocol splits any yield bearing assets into separate yields and principal components for maximum control. Meanwhile it is also designed for the yield trading with maximum liquidity and dual fee structure.

Pendle

Source: Pendle.finance

Pendle finance provides 3.04% yield on stETH while 19.36% on rsETH. It is also cross chain compatible with a surging trade volume on every chain. Lets have a look towards the onchain data of Pendle Finance.

Will the Strong Inflow and TVL Trigger a Bullish Run?

Pendle Novel approach allows users to manage and capitalize on the future yields with more flexible and innovative manner. PENDLE token is used for securing the network and staking to participate in the ecosystem and governance. PENDLE token has seen a strong outflow from the exchange as compared to inflow. The token has 25392 holders while the diamond hands with more than 1 year are 21%. It has a total supply of 258.44 Million with 19.36% in CEX,42.54% in contracts, and 25.2% in EOA clusters.

Pendle

Source: TVL of Pendle By Defillama

Pendle protocol TVL has seen a new high in May 2024 and is currently near $5.74 Billion. It has observed a growth of 20x from the start of this year. Meanwhile, the daily revenue of the protocol has declined from the high of $140k to $60k within a month period. The median APY of the protocol is still at 10.3% despite the decline in revenue.

Pendle

Source: Pendle Wallets By Dune

The creation of new Pendle wallers has observed a slight decline in the past few weeks. The total transactions of the protocol is surging to a new high and has reached to new high. Pendle protocol has 28 monthly commits on Github which is higher than various protocols. Lets have a look towards the price action scenario of Pendle Protocol 

Are PENDLE Bulls Ready to Move Beyond $10?

Ritika_TCR on TradingView.com

Pendle has a market cap of $988 Million and is ranked 87th in the cryptoverse. It displayed a 49% surge in the trading volume. The token price is currently trading near the value of $6.4 with a slight surge in the intraday session. It is forming weak bullish candles on the daily chart.

The upside momentum of the PENDLE can see a halt near the value of $8. Meanwhile, the downside trend of the asset price can see a bounceback from $5. The RSI of Pendle is currently at 63 with a positive slope in it. The overall momentum of the RSI and MACD is bearish.

Conclusion

Pendle has seen an impressive rise from the start of 2024. The TVL of the protocol has seen a strong momentum and is near $5.74 Billion. PENDLE token price is currently in a consolidated zone and can see a new high in the future.

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