In-depth analysis
1. Upgrade of the governance token (Bullish impact)
Overview: Pendle has announced a new governance token, sPENDLE, replacing vePENDLE, due to its low adoption resulting from complex mechanisms and lock-up periods. This update offers flexible withdrawals (unlocking within 14 days or a 5% fee) and interoperability with DeFi platforms.
Implications: the simplification of governance could broaden participation, while protocol revenue buybacks (up to 80%) could reduce the circulating supply. This removes long-standing barriers to adoption, which could increase demand for PENDLE as an underlying asset.
2. Strong increase in trading activity (bullish impact)
Overview: The spot trading volume surged by 34% to reach $63 million, and open positions increased by 10% to $45 million, reflecting the opening of new positions and the conviction of investors.
Explanation: The rise in volume and open positions confirms the price trend and suggests institutional or large-scale interest. Increased liquidity reduces slippage risks, making the asset more attractive for both short-term traders and long-term investors.
3. Technical rebound (mixed impact)
Overview: After its recent declines, the PENDLE price has stabilized above $2.00, with the RSI returning to a neutral level (45-50) and the Bollinger Bands tightening.
Meaning: The level of $2.00 now acts as support, with resistance at $2.35. A daily close above $2.35 could target $2.60, but a failure could risk a new test of the level of $1.95. Investors are waiting for confirmation of this breakout.
Conclusion
The rebound of Pendle combines protocol improvements and technical stabilization, but its sustainability depends on the adoption of sPENDLE and market sentiment.
Key point: Will Pendle break the resistance of $2.35 in the next 48 hours?$PENDLE
