Pendle Price: Whale Transfers $3.8M Worth of PENDLE to Binance

The first week of July notably extended corrections in Pendle coin as the price fell below $5 to $3.2, registering a loss of 36.6%.

The cryptocurrency market displayed a consolidation trend over the weekend as digital assets attempted to stabilize following the recent sell-off. However, the market sentiment saw a slight uptick on Monday as Bitcoin (BTC) price rose by 4% to revisit the $58,200 level.

Meanwhile, the altcoin market seemed to be capitalizing on the reduced supply pressure to establish a local bottom. One altcoin that has shown resilience amid the downturn is Pendle (PENDLE), which found support at a multi-month ascending trendline for a potential rebound.

Pendle Coin Price Fell Below $5 Last Week

As reported earlier, Pendle coin price underwent a steep correction in the first week of July, with the price falling from $5 to $3.2, registering a loss of 36.6%. In its downhill trajectory, the altcoin lost several crucial technical support levels.

These key support levels included the 23.6% Fibonacci retracement, the 200-day EMA, and the $3.8 mark. The steep decline in Pendle coin price was also accompanied by a significant whale sell-off.

However, sellers failed to sustain the breakdown, and the Pendle price encountered renewed buying pressure at the support trendline around $3.5.

A recent on-chain analysis by Lookonchain highlighted a significant movement of PENDLE tokens. Earlier today, a whale transferred out 1.1 million PENDLE, valued at approximately $3.8 million, to Binance, presumably for sale. This transfer left the whale with 1 million PENDLE, valued at around $3.5 million.

A whale transferred out 1.1M $PENDLE($3.8M) in the past hour(will deposit it into #Binance for sale), leaving 1M $PENDLE($3.5M).

This whale bought 3.44M $PENDLE from CEX and DEX from Feb 9 to Apr 27, 2023, with an average price of only $0.32.https://t.co/xnGArUHzYJ pic.twitter.com/QdsXxNbNFn

— Lookonchain (@lookonchain) July 8, 2024

According to Lookonchain, this whale had acquired a total of 3.44 million PENDLE from both centralized and decentralized exchanges over a period of about two months, from February 9 to April 27, 2023. The average acquisition price for these tokens was only $0.32.

The recent sell-off may suggest that smart money traders are looking to reduce their exposure to Pendle or book profits due to a lack of expectation for a major price move.

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