PENDLE rallied as much as 12.47% at press time, breaking above the upper boundary of a multi-week descending channel as trading volume jumped 121.41% to $53.13 million. The move lifted the yield-tokenization token to roughly $1.49, its strongest showing in weeks, and reopened the conversation about whether bulls can push the price back toward the $2.00 mark.
The rally cleared PENDLE's near-term resistance at $1.574, with a support shelf now sitting at $1.245 should the move stall. That range gives bulls room to work with, but the token's broader recovery is still being tested by a wave of exchange-bound supply from a large holder who has been active in the market over the past several months.
A whale transferred $1.28 million worth of PENDLE to Binance without staking it, a move that initially sparked distribution concerns since exchange deposits typically precede selling. The same wallet had withdrawn roughly $1.338 million worth of PENDLE from Bybit over the prior six months, and on-chain data shows the holder has already banked more than $80,000 in profit while running a 5x leveraged short position entered at $1.52 — a bet that the rally itself has so far worked against.
Exchange flows suggest the supply threat is fading
Despite the whale's deposit, spot netflows for PENDLE have stayed negative for three straight days, with the most recent reading at -$150.61K — a sign that withdrawals are outpacing fresh deposits across exchanges more broadly. Open interest in PENDLE derivatives climbed 8.46% to $57.11 million over the same stretch, and AMBCrypto's analysis noted that “demand had absorbed the initial supply threat without derailing the recovery.”
Pendle's yield market still leads the pack
The bounce comes as Pendle continues to hold the top spot among DeFi's yield-trading protocols. According to DefiLlama's tracking of the protocol, Pendle currently carries roughly $1.16 billion in total value locked across 13 chains, good for the largest share of the yield-protocol category. The platform has also been expanding beyond crypto-native yield: its Boros venue added funding-rate markets for commodities including WTI and Brent crude, gold and silver in July, and a new USDC vault co-curated with Wintermute's Armitage desk went live on August 12. That diversification effort mirrors the kind of expansion other DeFi yield platforms have leaned on to defend deposits during choppy markets.
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Momentum indicators are lining up behind the breakout. PENDLE's MACD histogram flipped from negative to positive, printing 0.017 as the MACD line at -0.016 closed in on its -0.033 signal line — a classic early-stage bullish crossover setup. If PENDLE can hold above the $1.245 support and clear $1.574 on a closing basis, the path toward the psychological $2.00 resistance would open up, though the whale's still-open short position leaves room for renewed volatility along the way.
