Maple Finance (SYRUP) Skyrockets 40% to All-Time High, Fueled by Incredible Holder Conviction

Key Takeaways

• Data shows a massive increase in wallet retention, indicating that SYRUP holders are opting against selling.
• DeFiLlama reports that Maple Finance’s TVL has hit an all-time high, boosting SYRUP’s utility narrative.
• After breaking above a falling channel, the CMF at 0.35 and RSI suggest that SYRUP could close in on $1.

SYRUP, the native token of the Maple Finance project, has soared to a new all-time high. Over the past 30 days, SYRUP’s price has surged by 40%, reaching $0.62 today.

On-chain data shows low exchange inflows and sustained wallet retention. As a result of the move, the altcoin is the top-performing asset out of the top 300.

In this analysis, we break down the key factors that propelled SYRUP to its new all-time high and explore what lies ahead for the token.

Maple Finance Delivers on Long-Term Trust

Taking an on-chain perspective, it is clear that SYRUP holders played a massive role in driving the token to its new all-time high.

According to data from Glassnode, SYRUP’s holder retention rate has climbed to 67.55%.

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This marks a notable surge from the beginning of the month, when the metric stood at just 54.86%. Around that period, SYRUP’s price was trading around $0.35.

For context, the holder retention rate tracks the percentage of addresses that maintain a balance of the asset across consecutive 30-day periods.

A higher retention rate indicates stronger holder conviction, suggesting investors are against selling. On the other hand, lower retention rates signal rising selling pressure.

TVL Hits Record High

Therefore, the rise in holder retention and altcoin’s price highlights growing confidence in Maple Finance’s ecosystem. But confidence in SYRUP’s potential did to end with a lack of selling pressure.

DeFiLlama’s data shows that Maple Finance’s Total Value Locked (TVL) has also hit a new all-time high. At press time, it had reached $1.58 billion.

This milestone indicates surging demand for the platform’s on-chain lending services. But it does not end there.

It also adds weight to SYRUP’s recent price rally, as higher capital inflows signal increased utility. If sustained, this could drive SYRUP’s price higher than it currently is.

SYRUP Price Analysis: Nearly Overbought

From a technical perspective, the 4-hour chart reveals that SYRUP’s price began its ascent toward its record high on Sunday, June 22.

Around that time, the altcoin broke above the upper trendline of a falling channel, placing buyers in control.

The Chaikin Money Flow (CMF) has climbed above the zero signal line. Currently reading at 0.35, the CMF indicates intense buying pressure and sustained capital inflows.

In addition, the Relative Strength Index (RSI) has surged, confirming growing bullish momentum.

If this trend continues, SYRUP’s price could rally toward a fresh all-time high of $1. However, traders might need to be cautious.

The RSI’s elevated level suggests that SYRUP may soon enter overbought territory, increasing the likelihood of a pullback.

If bulls step back and profit-taking accelerates, the token’s price could retrace toward $0.44.