PENDLE Aims For 25% Rally, Despite Arthur Hayes $1.26M Sell-off
After a sell-off of 350,010 Pendle (PENDLE) tokens worth $1.26 million on Binance and Bybit, a post by former BitMEX CEO and co-founder Arthur Hayes on X (formerly Twitter) gained widespread attention. On September 21, 2024, Hayes posted that Maelstrom (Hayes family office fund) had reduced its PENDLE holding. Despite the token reduction, PENDLE remains one of their largest holdings.
Arthur Hayes PENDLE Holding
According to the data from the on-chain analytic firm Spotonchain, Arthur Hayes currently holds a massive 1.66 million PENDLE tokens, worth $5.93 million. In his post, Hayes also stressed that they still fully believe in PENDLE becoming a leader in crypto interest rate derivatives.
Additionally, he added, “We have reduced our position to fund a special situation. Those who monitor our wallets will get a glimpse as to what that is in the very near future.”
Current Price Momentum
As of now, PENDLE is trading near $3.53 and has experienced a price decline of over 2% in the last 24 hours. However, traders’ and investors’ interest in the tokens appears to have dropped significantly, resulting in a decline of over 45% in trading volume during the same period.
PENDLE Technical Analysis and Upcoming Levels
According to expert technical analysis, PENDLE is on the verge of breakout of the strong resistance level of $3.70 and the 200 Exponential Moving Average (EMA) on a daily time frame. If it breaches this 200 EMA and closes a candle above the $3.70 level, there is a strong possibility it could soar by 25% to reach the $4.80 level in the coming days.
However, this bullish thesis will hold only if PENDLE closes a daily candle above the $3.70 level, otherwise, it may fail.
Bullish On-chain Metrics
Besides this bullish technical analysis, PENDLE’s on-chain metric further supports its positive outlook. Coinglass’s PENDLE long/short ratio currently stands at 1.042, the highest since August 20, 2024, (a value above 1 indicates bullish market sentiment among traders). Additionally, its future open interest has increased by 4.5% in the last 24 hours and 3.5% in the last four hours, indicating a buildup of more long positions.
Traders and investors often use the combination of rising open interest and long/short ratio above 1, while building long positions. Currently, 51.01% of top traders and investors hold long positions, while 48.99% hold short positions.
