• A PENDLE whale withdrew 850K tokens from the Binance exchange.

  • Retails consider the whale’s action as a bullish signal.

  • PENDLE has gained 37.2% in the past 10 days.

A crypto analyst on X (formerly Twitter) has observed significant whale activity involving PENDLE, the native cryptocurrency of the future yield tokenization protocol, Pendle.

In a recent post, they noted that a whale who opened a PENDLE position seven months ago transferred 850,000 PENDLE, worth $3.74 million, from Binance.

七个月前建仓 $PENDLE 的巨鲸 0x97e…9D617 半小时前再次从 #Binance 转出 85 万枚 PENDLE，价值 374 万美金一小时前该巨鲸结束了为期六个月的 PENDLE 锁仓，收到 365153 枚 PENDLE，这部分代币已浮盈 108 万美金（建仓均价 $1.44，现价 $4.41）；目前两个地址共持有 170 万枚代币，总价值 749… pic.twitter.com/PbaudG8WVA

— Ai 姨 (@ai_9684xtpa) July 15, 2024

The analyst also noted that before the transfer from Binance, the whale concluded a six-month PENDLE lock-up, receiving 365,153 PENDLE tokens. This unlocked a floating profit of $1.08 million, as the average opening price for the token lock-up was $1.44, compared to the current price of $4.41. Their analysis indicates that the whale currently holds 1.7 million PENDLE tokens, valued at $7.49 million at the time of the post.

Retail traders often monitor the activities of large-volume investors, using their behavior to gauge market sentiment and predict future price movements. In this case, transferring a large volume of a digital asset from a centralized exchange like Binance suggests the investor may be holding the assets away from potential exchange for fiat or other digital assets.

This behavior could also indicate that the investor is moving the assets into cold storage for increased security, suggesting a longer-term holding strategy in anticipation of a bullish trend.

PENDLE has recovered from a significant pullback after dropping to $3.243 on July 5. The cryptocurrency has made a 37.2% rebound in the last 10 days, trading at $4.436 at the time of writing, according to TradingView data.

A continued surge could see the altcoin target the $4.77 resistance level before potentially embarking on a more significant rally amid a developing bullish crypto market.

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