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PENDLE Price Hits New All-Time High – How Soon Until $10?

Last Updated April 5, 2024 10:48 AM
Valdrin Tahiri
Last Updated April 5, 2024 10:48 AM
By Valdrin Tahiri
Verified by Peter Henn

Key Takeaways

  • On April 5, the PENDLE price reached yet another new all-time high of $6.67.
  • The Total Value Locked (TVL) in Pendle has increased over 1,400% in 2024.
  • Will PENDLE reach $10 by the end of April?

Pendle is a protocol used for trading yield through splitting  a staking token to its principal and yield tokens. The price of its native token PENDLE reached a new all-time high of $6.67 today, cracking the top 70 cryptocurrencies based on their market capitalization.

The launch of Ethena’s synthetic dollar USDe has further increased the interest in Pendle’s protocol. Since both projects are in the spotlight, the possibility that PENDLE will continue its march toward $10 has become a hot topic.

Pendle’s Total Value Locked Reaches New All-Time High

Pendle’s on-chain statistics are also moving up alongside its price. There has been a significant increase in both token volume and TVL since 2024. This move became even more accentuated in March 2024, culminating with an all-time high TVL of $4.29 billion and a volume of $261 million today.

Pendle is now the eighth biggest protocol  on Ethereum based on its TVL, and its biggest yield aggregator.

Pendle's Total Value Locked
Pendle TVL | Credit: DeFiLlama

The protocol also added an USDe pool on April 4. Since the cap of $300 million was reached almost immediately, Pendle increased it  to $400 million. Potential for the release of Pendle v3  is also a hot topic amongst enthusiasts.

A very interesting development comes when looking at the token inflows. Ethena’s stablecoin USDe was the leader  on both April 3 and 4, with nearly double the inflows of its next closest asset, wETH. So far, wETH accounts for 40% of the TVL. eETH, the liquid staking solution is at 32% while USDe is third at nearly 14%.

PENDLE Price Prediction: Is $10 Achievable?

The daily time frame technical analysis of PENDLE is decisively bullish due to the wave count and indicator readings. The wave count suggests PENDLE is in the fifth and final wave of an upward movement (white) that started in August 2023.

If the count is accurate, the next resistances for the PENDLE price are at $8.40 and $12.20, respectively. These would give wave five 0.382 and 0.618 times the length of waves one and three, respectively. Afterward, a significant correction could ensue.

However, short-term corrections until these targets are reached remain likely.

PENDLE Price Reaches All-Time High
PENDLE/USDT Daily Chart | Credit: TradingView

The daily RSI and MACD both support the continuing of the increase. Both are trending upward and neither has generated any bearish divergence despite being into overbought territory.

PENDLE’s Rally Could Extend Further

Even though the PENDLE price is in a parabolic rally and at an all-time high, both its technical and on-chain outlook support the possibility that the price will continue increasing. The launch of USDe has also aided PENDLE, due to the stablecoin already being one of the top three biggest tokens locked in the Pendle protocol.

 

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