PENDLE Surges in DeFi Rankings as TVL Hits $8.3B
Pendle (PENDLE) has captured the spotlight once again after Arthur Hayes, co-founder of BitMEX, disclosed a fresh $1.02 million position in the token as part of a $16.43 million altcoin accumulation spree.
The move marks a reversal from his earlier profit-taking strategy and signals renewed conviction in Ethereum-based DeFi projects.
High-profile investors like Hayes are often seen as market signals, drawing both retail traders and institutional money. By adding PENDLE to his portfolio, Hayes reinforces its standing as a leading platform for yield trading in DeFi. Analysts suggest that further whale accumulation or updates on Hayes’ holdings could spark additional upside momentum.
TVL Growth Signals Strong Adoption
Pendle’s fundamentals continue to strengthen, with Total Value Locked (TVL) surging to $8.31 billion as of August 12, more than tripling since April. This growth has allowed Pendle to surpass the combined TVL of newer chains like Sui, Aptos, and Sei.
Much of this demand is tied to yield tokenization strategies, particularly those involving Ethena’s USDe stablecoin ecosystem. Pendle now captures nearly 60% of USDe’s $7.7 billion supply, cementing its role in DeFi’s so-called “infinite yield loop” strategies. Rising TVL not only reflects growing adoption but also bolsters the protocol’s revenue base, which directly supports PENDLE’s valuation.
Technical Picture: Consolidation Before Breakout?
At the time of writing, PENDLE trades near $5.39, holding above its 30-day SMA ($4.64) and 200-day EMA ($3.99). The MACD histogram recently flipped positive (+0.077), suggesting early bullish momentum, though the RSI-14 sits at a neutral 59.95, pointing to balanced buying pressure.
On the downside, bulls are defending the $5.43 Fibonacci retracement level, but analysts highlight that a sustained close above $5.97 is needed to confirm a breakout. With trading volume down 55.66% over the past 24 hours, conviction remains cautious.
Market Outlook
PENDLE’s recent uptick can be attributed to whale accumulation, rapid protocol adoption, and resilient technical positioning. However, its mixed short-term signals highlight the importance of monitoring near-term resistance levels.
With a high TVL-to-market-cap ratio of 0.1265, Pendle appears undervalued compared to peers, leaving room for potential revaluation.
The key question for investors is whether PENDLE can maintain support above $5.43 and eventually break past $6.00 to challenge its $7.20 resistance zone, where it has already faced three consecutive rejections.
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