Pendle (PENDLE) showed signs of extending its rally after gaining 12% in the last 24 hours. The move was supported by trading volume, which soared more than 50% to around $47.7 million, reflecting stronger market participation.
Will PENDLE be able to break through the next resistance?
The rally still faces a key test, with nearby resistance likely to determine its next move.
Chart analysis showed that PENDLE was trading inside a support and resistance channel that formed towards the end of June. The token attempted to break above the range twice before retreating.
This time, however, PENDLE broke the first resistance at $1.458 and approached the next barrier near $1.475. A sustained move above this level could open the door to the $1.53 region.
Otherwise, the token could remain in its current range until stronger buying or selling momentum emerges.
Do technical indicators support further upside?
Chart indicators continued to point towards improving momentum.
The Money Flow Index (MFI), which tracks capital flows in and out of the token, remained in bullish territory. Generally, an MFI above 50 indicates that buying pressure dominates, while values near 80 suggest increasingly strong inflows.
The IMF continued to approach the overbought zone above 80. This reflects strengthening demand, although overbought conditions can also trigger profit-taking.
The Parabolic SAR added to the bullish outlook by printing points below the price, indicating that the uptrend remained intact. Continuous points below the price would reinforce this trend.
Upgrading the protocol unlocks a new utility
Beyond the technical setup, Pendle’s partnership with Curvance introduced additional utility for PT-AUSD. The protocol now allows PT-AUSD holders to borrow against their positions without unwinding them, allowing users to access liquidity while still earning yield.
Community sentiment also strengthened following the announcement, with 96% of the more than 36,000 participants expecting PENDLE to maintain its upward momentum.
Together, updating the protocol and improving the technical structure could continue to support demand. Even so, buyers still need to break through nearby resistance to confirm a broader breakout.
Final summary
- Heavy volume supported PENDLE’s rally, but resistance remains the key to further gains.
- Utility extends beyond performance. Can stronger fundamentals now unlock a breakout?
