Pendle [PENDLE] showed signs of extending its rally after gaining 12% over the past 24 hours. The move was backed by trading volume, which climbed more than 50% to roughly $47.7 million, reflecting stronger market participation.
Can PENDLE clear the next resistance?
The rally still faces a key test, with nearby resistance likely to determine its next move.
Chart analysis showed PENDLE trading inside a support and resistance channel that formed toward the end of June. The token attempted twice to break above the range before pulling back.
This time, however, PENDLE broke above the first resistance at $1.458 and approached the next barrier near $1.475. A sustained move above that level could open the door to the $1.53 region.
Otherwise, the token could remain inside its current range until stronger buying or selling momentum emerges.
Do technical indicators support more upside?
The chart indicators continued pointing toward improving momentum.
The Money Flow Index (MFI), which tracks capital flowing into and out of the token, remained in bullish territory. Generally, an MFI reading above 50 signals buying pressure dominates, while values approaching 80 suggest increasingly strong inflows.
The MFI continued moving toward the overbought region above 80. That reflected strengthening demand, although overbought conditions can also trigger profit-taking.
The Parabolic SAR added to the bullish outlook by printing dots below the price, indicating the uptrend remained intact. Continued dots below the price would reinforce that trend.
Protocol upgrade unlocks 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, enabling users to access liquidity while continuing to earn yield.
Community sentiment also strengthened after the announcement, with 96% of more than 36,000 participants expecting PENDLE to maintain its upward momentum.
Together, the protocol update and improving technical structure could continue supporting demand. Even so, buyers still need to clear nearby resistance to confirm a broader breakout.
Final Summary
- Strong volume backed PENDLE’s rally, but resistance still holds the key to further gains.
- Utility expanded beyond yield. Can stronger fundamentals now unlock a breakout?
