The question from
$PENDLE has never been about how much it has dropped, but about whether the market really held onto it after pushing it up. +27.66% over 30 days is out in the open, but looking over the longer run, the real key point is the $101M volume spike on September 19. After that, the price fell from $2.61 down to $2.36, while trading volume shrank in tandem to around $61M. This isn’t panic selling—it looks more like a wave of capital pushed the price higher, but there isn’t fresh “follow-through” buying willing to keep building positions above $2.5.
Even more worth noting: its market-cap rank (
#125 ) is still 68.54% away from ATH, and over the past year it has had its footing cut in half. That suggests there are still a large number of trapped holders in the market, and each rebound may simply be giving some people a chance to exit at breakeven—not starting a brand-new uptrend.
If you only look at the 24h -0.69%—that small bearish candle—you’d think the price is fairly stable. But when you put the 7-day -7.46% and the 30-day +27.66% side by side, the slope change is pretty steep. What needs to be confirmed isn’t whether it can bounce back to $2.6, but whether after this pullback the trading volume can expand again. There aren’t many signs of “smart money” activity; instead, it feels more like brief equilibrium within the $2.3–$2.5 range, waiting for a narrative catalyst—maybe protocol upgrades related to restaking, or a broad improvement in sentiment toward yields.
The most easily overlooked risk is this: the rally may not have truly exited the long-term range below $2.0. If the next few days see volume continue shrinking below $50M, and the price breaks back under $2.31 (the Sept 24 low), then technically that 27% move is likely just short-covering—not a trend reversal. Bulls need to prove that $2.3 can become a new support, rather than repeating the false breakout from late August.
So, my view is that
$PENDLE is currently in a “post-rally needs confirmation” phase, and it’s still not enough to claim a trend turn. What variable could most likely overturn this view? I think it would be if volume suddenly returns to above $90M for three consecutive days, and the price also regains $2.6. That would suggest there’s a Hong Kong stock component coming from long-term capital—meaning the prior volume contraction was just a mid-game break. What do you think: do these low-volume pullbacks look more like a shakeout, or is the momentum simply running out?