Pendle Nears $2 Support After Polychain’s $4M Loss and Prolonged Whale Selling
Pendle (PENDLE) has fallen about 18.5% over the past month and was trading near $2.17 after a recent daily drop of ~4.1%. Institutional selling accelerated the decline: Polychain Capital liquidated 4.114 million PENDLE (average buy ~$3.16) at roughly $2.19, realizing an estimated $3.99m loss. On-chain trackers and analytics — including EmberCN, CryptoQuant and Coinalyze — show sustained large-whale distribution: CryptoQuant flagged consecutive big whale orders for ~30 days and Coinalyze recorded nine straight days of negative Buy-Sell Delta. Trading volume is down ~15% week-over-week. Technicals point to near-term downside risk: RSI around 36 (near oversold) and DMI/ADX indicating bearish momentum. Key levels for traders: $2 is immediate support (a break risks $1.80), while reclaiming $2.25–$2.50 would be the first sign of recovery. For trading decisions, monitor on-chain whale flows, buy-sell delta, intraday volume and the $2 support for stop-loss sizing; a decisive move above $2.25 would offer the earliest bullish confirmation.
Bearish
The combined reports point to clear bearish pressure on PENDLE. Polychain’s large-scale liquidation—selling 4.114 million tokens at a loss—constitutes material supply into the market and likely triggered further selling by other large holders. On-chain signals (30 days of whale orders, nine days of negative buy-sell delta) show sustained distribution rather than one-off profit-taking. Lower trading volume (~15% WoW decline) reduces the likelihood of a swift, sustained rebound. Technical indicators (RSI ~36, DMI/ADX favoring bears) support continued downside momentum. Short-term impact: increased probability of testing and breaking the $2 support, with a near-term target toward $1.80 if selling continues. Long-term impact: while a long-term recovery remains possible if buyers absorb supply and whale selling abates, continued institutional distribution and low volume would delay meaningful recovery; reclaiming $2.25–$2.50 is required to shift momentum. Traders should treat the news as a bearish signal for PENDLE, using tight risk controls, watching on-chain whale flows, buy-sell delta and volume for any shift in sentiment.