Pendle (PENDLE) seems bullish as whales appear to have started accumulating the asset, possibly suggesting an incoming market surge. Today, March 11, 2025, a PEPE whale made a massive acquisition of 607,863 PENDLE tokens, attracting crypto investors’ attention. That is according to today’s data reported by Onchain Lens.
PEPE whale gambles on PENDLE
Three days ago, the whale spent 1,016.4 ETH worth $1.86 million to purchase 607,863 PENDLE tokens at an average price of $3.0 for each coin.
Data shows the whale has also sold 281.21 billion PEPE coins for 1,060.53 ETH to acquire PENDLE tokens and is likely to purchase more.
This significant accumulation not only supports PENDLE’s surging price, but also indicates that accumulation of PENDLE coins by crypto whales could be fuelling recent price increases. Potential acquisitions by whales could develop purchasing frenzy among investors and traders and further support price upward movement.
Pendle price updates
PENDLE has recently displayed indications of a bullish movement, with its price surging by 16.5%, 25.4%, and 25.6% over the last seven days, two weeks ago, and one month ago, respectively. Today at press time, the asset is standing at $3.15, up 9.3% over the past 24 hours. These green figures show that investors and traders are showing heightened interest in PENDLE, signifying a potential for a continued market rally.
Amid the rise in market participation, multiple on-chain indicators suggest that Pendle is gaining significant attention. As per metrics from Coinglass, Pendle’s Open Interest (IO) registered a 15.21% increase over the previous day. This surge in IO indicates that traders are creating new positions in the PENDLE’s market.
Secondly, the asset is currently in the formation of a rising wedge pattern on its daily timeframe. Pendle formed this pattern after making a substantial breakout from a downtrend one month ago. The token broke out from a more than one-month declining movement on March 11, 2025. Since then, the asset has maintained an upturn trend, recording a 69% rise from its recent down of $1.86, noted on March 11.
So far, the token has surpassed the significant resistance region of $3.10, currently standing at $3.15. If its market rally continues, the asset may gain strength to move beyond the next crucial resistance region of $3.20.
The recent strong uptrend movement, increasing positions created by traders, and bullish chart pattern signify that PENDLE could be preparing for a continued uptrend.
