All You Need to Know About SYRUP's Recent Rally | Credit: Hameem Sarwar
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Key Takeaways
Binance listed Maple Finance (SYRUP) with a seed tag on May 6.
The SYRUP price attempts to break out from the $0.24 resistance.
Can Maple Finance break out and reach a new all-time high price?
Earlier this week, Maple Finance announced it had crossed $1 billion in Assets under management (AUM). The Protocol’s revenue has also increased by 70% since last month, crossing $600,000.
Binance listed SYRUP on May 5 under two spot trading pairs, SYRUP/USDT and SYRUP/USDC. The SYRUP price rallied after the Binance listing, and the token is approaching its all-time high.
Let’s examine the charts and see if the upward movement can continue and where it will lead.
SYRUP Price Breaks Out
The daily time frame analysis shows that Maple Finance broke out from a resistance trend line on April 18.
It accelerated its rally after validating the trend line as support (green icon), reaching a high of $0.031, only slightly below the all-time high of $0.0342.
Neither has generated bearish divergence, and both are above their bullish thresholds.
Therefore, the SYRUP price will likely break out from the $0.24 resistance area. Let’s look at the wave count to see where the breakout will lead.
What’s Next for SYRUP?
The wave count gives a bullish Maple Finance price prediction, suggesting the token could reach a new all-time high.
The breakout from the ascending parallel channel confirms the rally is impulsive, and the count suggests SYRUP is in wave four of a five-wave increase.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
