Pendle [PENDLE] has increased by 16.63% in the last 24 hours while trading volume surged over 103%, reflecting a strong increase in participating capital driven by expanding real-use demand.

Increasing activity in the Pendle ecosystem has supported the expansion of this price beyond speculative trading. The rise in yield-focused strategies, particularly around apxUSD liquidity, has reflected a high level of participation in its tokenization model.

This behavior indicates that users are actively deploying capital to seize yield opportunities rather than merely chasing price.

As a result, this bullish rally has attracted strength from real-world usage through DeFi integrations. This shift has reinforced confidence in the protocol's value proposition.

If demand continues to expand, it could sustain price strength for PENDLE. However, any slowdown in participation will weaken this support and make the bullish rally susceptible to short-term corrections.

Can PENDLE reclaim higher resistance levels?

PENDLE has surged strongly from the support area of 0.98 USD after an extended decline, establishing a clear recovery structure. The price has approached the resistance level of 1.68 USD, a level that previously served as a breakout point in the prior downtrend.

This area now serves as a key barrier that could determine the next direction. Holding decisively above this level will reinforce the ability to continue towards the 2.33 USD mark.

However, if this level cannot be reclaimed, prices are likely to enter a phase of accumulation or face rejection. The recent upward movement has shown an improved structure, with higher lows gradually forming.

This change suggests that buyers have regained control in the short term, although confirmation still depends on overcoming resistance levels. The DMI indicator has reflected a change in directional strength, with the +DI rising to 31.24 while the -DI falls to 12.34.

This crossover has signaled that buyers have gained control after a prolonged period of domination by bears. Additionally, the ADX index is hovering near 30.69, indicating that trend strength has begun to build.

PENDLE price action Source: TradingView

The influx of capital onto the exchange has created selling pressure.

The Spot Netflows index shows a positive net inflow of approximately 212,000 USD, indicating that tokens have been moved to exchanges during the rally. This behavior suggests that some holders are positioned to sell as prices rise rather than continue holding.

Thus, this capital inflow has created potential resistance pressure, especially near the 1.68 USD level. Although the inflow remains relatively modest, it still reflects an increase in distribution compared to prior withdrawal phases.

If the influx of capital onto the exchange continues to expand, it could thwart bullish attempts and trigger short-term downturns. However, if the growth of this capital flow is constrained, the pressure will ease and allow prices to freely test higher resistance levels.

Source: CoinGlass

Leverage increases as traders raise their exposure to PENDLE.

Open Interest has increased by 9.73%, reaching 53.07 million USD, indicating that traders are actively adding leveraged positions alongside the price increase. This expansion reflects a growing level of participation in the derivatives market, consistent with the broader bullish rally.

An increase in Open Interest along with price usually suggests that new positions are being opened rather than old ones being closed. This momentum supports the continuation of the trend, as it indicates traders' confidence.

However, high leverage also brings risks, as overcrowded positions can amplify volatility. If Open Interest continues to rise alongside stable price action, the trend may become stronger.

Source: CoinGlass

In summary, Pendle's bullish rally has drawn strength from real-world usage demand, improved market structure, and increasing participation from traders. However, the influx of capital onto exchanges has created notable resistance pressure near the 1.68 USD level.

If buyers maintain control and demand remains strong, prices may expand to higher levels. Conversely, increasing selling pressure could slow down or reverse the current recovery.

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