Pendle (PENDLE) has experienced a notable rise in its price, reaching $4.16 as of press time. This reflects a 19.37% increase over the past 24 hours and a 25.09% gain over the last seven days. 

With a circulating supply of 160 million PENDLE, the token’s market cap is $669,410,837. The surge in PENDLE’s value is closely linked to the influence of Arthur Hayes, co-founder of BitMEX, whose remarks have drawn considerable attention to the token.

Hayes forecasted a price target of $10 for PENDLE, attributing this potential to its integration with Bitcoin (BTC) DeFi. His statement has excited the market, sparking investor interest and contributing to the ongoing momentum behind the token.

On September 21, 2024, Arthur Hayes revealed that his family office, Maelstrom, had reduced its PENDLE holdings. A sell-off of 350,010 PENDLE tokens, valued at $1.26 million, occurred across Binance and Bybit. 

Despite the reduction, PENDLE remains one of Maelstrom’s largest holdings. Hayes currently holds 1.66 million PENDLE tokens, worth around $5.93 million, according to Spotonchain, an on-chain analytics firm.

Arthur Hayes (@CryptoHayes) deposited the first 350,010 $PENDLE ($1.26M) to #Binance and #Bybit in the past hour.Currently, Arthur Hayes still holds 1.66M $PENDLE ($5.93M) in @pendle_fi, which has passed the locking period and can be sold at any time.His estimated total… https://t.co/uaOPIxV6z0 pic.twitter.com/c4wl7RDj5S

— Spot On Chain (@spotonchain) September 20, 2024

In a post on X, Hayes emphasized his continued belief in PENDLE’s future. He noted that the token has the potential to become a leader in crypto interest rate derivatives. He also mentioned that the reduction in his position was made to fund a “special situation,” promising more details on the fund’s plans in the near future. This statement has added intrigue to the market’s perception of Pendle.

Partnership with SolvProtocol and Corn Boosts DeFi Prospects

While Pendle faces fluctuations in the market, the project continues to make strides in the Decentralized Finance (DeFi) sector. On September 19, Pendle announced a new partnership with SolvProtocol and Corn. This collaboration aims to launch SolvBTC.BBN, a liquid staking token expected to go live by December next year.

SolvProtocol is developing a decentralized Bitcoin reserve, while Corn focuses on providing an Ethereum Layer-2 solution. The introduction of the SolvBTC.BBN token will expand Pendle’s functionality within the BTCFi community. It is anticipated that this new token will improve adaptability and usability across various DeFi platforms, further strengthening Pendle’s position in the growing sector.

Pendle’s core function of facilitating the direct trading of future yields remains central to its appeal. By allowing the separation of ownership and future returns on assets, Pendle offers flexibility that has placed it among leading DeFi innovators. The partnership with SolvProtocol and Corn is expected to add additional functionality to Pendle’s platform and help it continue its upward trajectory in the DeFi space.

Technical Indicators Point to Short-Term Overbought Conditions

The Pendle/USDT daily chart reveals strong bullish momentum, with the token’s price now at $4.16. The price has successfully broken above the 9-period Exponential Moving Average (EMA), currently positioned at $3.56, indicating that the upward trend has solidified. This movement is supported by a series of higher lows and higher highs over recent weeks, suggesting a sustained reversal from the downtrend that occurred earlier this year.

Source: TradingView

The MACD (Moving Average Convergence Divergence) indicator confirms the bullish trend, with the MACD line crossing above the signal line. The increasing size of the green histogram bars points to growing buying pressure, suggesting further potential for price increases. 

However, the Relative Strength Index (RSI) currently sits at 72.07, which places it in overbought territory. While this signals strong momentum, it also raises the possibility of a short-term pullback or consolidation phase, as the market may pause to absorb recent gains.

The post Pendle Price Prediction September 22: Pendle Surges 19% as Arthur Hayes Predicts $10 Target and DeFi Expands appeared first on Coinfomania.