Pendle Price Prediction: Can These 3 Catalysts Fuel a New ATH?

The cryptocurrency market entered the second half of July on a bullish note as Bitcoin price projected a 4-day rally to reclaim the $62000 mark. The recovery momentum spread rapidly to the altcoin market and uplifted the Pendle coin to a $4.45 high while the market cap jumped to $691.5 Million.  The robust V-shaped rally, buoyed by significant whale accumulation, has fueled optimistic Pendle price prediction, indicating a potential 70% surge in value.

Also Read: Bitcoin Soars Above $63000, Data Signals Rally Will Sustain For Longer: Matrixport

Pendle Finance Demonstrates Robust Security Amid Domain Hijack Threat

Pendle Finance recently faced a domain hijacking attempt due to a vulnerability in Squarespace, which affected domains migrated from Google Domains. Upon leading the issue, the Pendle team went on a high alert and initiated a series of countermeasures.

Post Mortem

For context – Squarespace purchased all domain registrations and related customer accounts from Google Domains in June 2023, which forced the migration of domains.

Recently, attackers exploited a vulnerability in Squarespace, hijacking domains hosted on their… https://t.co/0lgcvzss2r

— Pendle (@pendle_fi) July 12, 2024

As per the post-mortem report, a new malicious DNS record was detected over the weekend, redirecting Pendle’s dApp to a malicious site. In a swift response, the Pendle Finance team shut down the app within 30 seconds and regained control over the domain just 40 minutes after the hijack attempt. 

The tweet also highlights that the Pendle’s dev team took all necessary steps to ensure normal operations.

This incident highlights Pendle’s robust security protocols and swift response capabilities, enhancing trust and confidence among its users and stakeholders.

Also Read: The Biggest Bitcoin Controversy: Kevin Day’s Mt. Gox Nightmare of $16 Billion

Pendle Price Prediction: Whale Withdraws $3.73M $PENDLE from Binance

As per the on-chain data tracker Spotonchain, the Pendle price recovery aligns closely with a significant accumulation from a larger holder. This whale recently withdrew 851,298 PENDLE (equivalent to $3.73 million) from Binance after six months of inactivity with the token.

The $PENDLE price rebounded by ~15% today!

30 minutes ago, a whale withdrew 851,298 $PENDLE ($3.73M) from #Binance again after 6 months of inactivity with the token.

Currently, this whale holds 1.703M $PENDLE ($7.51M) and has an unrealized profit of $2.76M (+58.2%)!

Follow… pic.twitter.com/0M0uxyC9Zw

— Spot On Chain (@spotonchain) July 15, 2024

The associated address currently holds a substantial 1.703 million PENDLE, valued at $7.51 million, and enjoys an unrealized profit of $2.76 million, representing a 58.2% increase.

Accumulation by savvy investors typically strengthens market confidence and supports price recovery

Also Read: Ethereum, BTC, SOL, XRP Sees Record Inflow, Bull Run To Continue?

Pendle Price Rebounds From Multi-Month Support With 70% Rally Ahead

Amid the recent market recovery, the Pendle price managed to form a local bottom at the $3.2 floor. This horizontal level, accompanied by a long-coming support trendline created a high accumulation zone and uplifted the asset to $4.43 registering a weekly growth of 36%.

This upswing managed to reclaim the 200D EMA indicating the bullish sentiment returning to this asset.

A look at the daily chart shows two ascending trend lines currently driving the ongoing recovery trend in Pendle price prediction. If the dynamic support holds, the coin buyers could bolster a 70% rally to challenge the time high of $7.54.