Can Pendle hold $2 after Polychain pulls the plug at $4M loss?
Since facing rejection months ago, Pendle has been in a steep downtrend, recently hitting a low of $2.02. At the time of writing, it traded around $2.17, down 4.1% on the day and nearly 18.5% over the month, reflecting persistent bearish pressure. This weakness has led to capitulation among long-term holders, including institutions. Notably, Polychain Capital sold its entire position of 4.114 million PENDLE, acquired at an average of $3.16, at approximately $2.19, realizing a loss of nearly $4 million. On-chain data showed sustained selling pressure, with a negative Buy Sell Delta for nine consecutive days. Technical indicators, including a low RSI and weak momentum, suggest the $2 support is at risk. A break below could push prices toward $1.80, while reclaiming $2.25 is needed for any recovery.
ambcrypto12/14 03:32