PENDLE to $22? Bullish Predictions Emerge amid Massive DeFi Yields

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Coinspeaker
PENDLE to $22? Bullish Predictions Emerge amid Massive DeFi Yields

While the broader crypto market faces a red day on April 2, PENDLE has gained 2% in the past 24 hours, currently trading around $2.94. The price surge follows its recent listing on Coinbase and increasing whale accumulation.

$PENDLE is now available on @coinbase https://t.co/QgzzAuTUFJ

— Pendle (@pendle_fi) April 1, 2025

Notably, the DeFi space is currently experiencing one of the lowest stablecoin interest rate environments in history, with the average annual percentage rate (APR) for stablecoin deposits at just 5.8%.

DeFi stands at one of the lowest historical rate environments, with a TVL-weighted average APR of just 5.8%

The opportunity for new protocols offering high-yield returns has never been larger@neutrl_labs coming soon pic.twitter.com/vf0WTi0XfC

— Karl (@karl_0x) April 1, 2025

However, Level USD Pendle IY pool offers a standout yield of 12.4%. Analysts suggest that new protocols which are offering high returns could dominate the market.

This has resulted in a bullish sentiment for the PENDLE token. On-chain data from Lookonchain reveals that five newly created wallets withdrew 2.66 million PENDLE worth around $7.9 million from Binance in the past five days.

Whales are accumulating $PENDLE!

5 newly created wallets withdrew 2.66M $PENDLE($7.9M) from #Binance in the past 5 days.

Address:
0x21fBA58b20f62397c015bc1f5a15f742ad430dFA
0x2EB48c60F4ea75fa0a0Ff5BB017EBD9f5981b8F5
0x11DFEDf01B3FA824BbCB138159B2e6AFE43692a3… pic.twitter.com/hnnXVeUqUY

— Lookonchain (@lookonchain) April 2, 2025

The whales’ movement suggests that large investors are shifting toward self-custody, displaying confidence in the token’s long-term value.

PENDLE Price Outlook

On the daily PENDLE price chart, the RSI stands at 59.74, suggesting that the token is approaching overbought levels but still has room for further gains.

PENDLE to $22? Bullish Predictions Emerge amid Massive DeFi Yields

Source: TradingView

Meanwhile, the Bollinger Bands show that the cryptocurrency is trading near the upper boundary. This suggests heightened volatility and the potential for either a breakout or a short-term correction.

The MACD remains in positive territory, with the blue MACD line above the signal line, confirming bullish momentum. A breakout above $3 level could send PENDLE toward $3.7.

Source: TradingView

Meanwhile, crypto analyst AMCrypto has identified an inverse head and shoulders pattern on PENDLE’s daily chart. Such a bullish structure often precedes a rally.

$PENDLE inverse head and shoulder pattern 👀

People are flocking towards utility tokens, and PENDLE is an obvious bet.

Once this breaks above $3, expect more bullish continuation. pic.twitter.com/Jt9vR8hP5p

— AMCrypto (@AMCryptoAlex) April 1, 2025

He noted that traders are increasingly favoring utility tokens, with PENDLE standing out as a strong bet.

Similarly, analyst Nology stated that the token’s current structure is highly bullish. However, he cautioned that if the token faces resistance around the $3.70 mark, a corrective move could follow before another rally.

#PENDLE $PENDLE‘s structure here looks great. I would get cautious around the $3.70’s as if it wanted to correct further it should happen around there.

Lots to be happy about on this #RWA play. pic.twitter.com/ObwUZV7JCA

— Nology (@nology3000) April 2, 2025

Crypto investor Hansum echoed similar sentiment, setting a target of $22 for the token in the long-term. He stated that PENDLE is “one of the greatest investments this cycle”.