Arca-linked Wallet Accumulates 2.183 Million PENDLE Tokens in Six Days

An institutional wallet linked to Arca has been actively accumulating PENDLE tokens over the past week. On-chain data reveals that the wallet address 0xaA3 withdrew 1.349 million PENDLE tokens, valued at approximately $5.38 million, directly from a major exchange. This transaction is part of a consistent six-day accumulation pattern, during which the wallet withdrew a total of 2.183 million PENDLE tokens, amounting to around $8.31 million. The average price per token during these transactions was $3.81, and the wallet currently holds an unrealized gain of about $100,000. All transactions were sourced from the same exchange and occurred within a tight timeframe, indicating focused execution. The wallet remains active with PENDLE as its primary token holding, with no recorded sales during the accumulation period.

As of the latest market update, PENDLE is trading at $3.84, reflecting a 1.52% increase over the past 24 hours. The market cap has grown by 1.53% to $625.89 million. Despite this growth, the 24-hour trading volume has decreased by 11.77% to $56.09 million. The fully diluted valuation (FDV) stands at $1.08 billion, while the unlocked market cap is $974.56 million. The total value locked (TVL) is $4.94 billion, with a market cap to TVL ratio of 0.1265. The price of PENDLE has shown a recovery trend, moving from $3.7894 to a peak near $3.95 before stabilizing at around $3.84. Trading volume has remained consistent with moderate fluctuations, and the price chart indicates a steady trend with minor pullbacks.

Technical analysis of PENDLE's price action reveals a minor bullish crossover on the 4-hour MACD chart, with the MACD line at 0.011 and the signal line at -0.015. This crossover suggests possible short-term upward momentum, supported by a positive histogram. However, the momentum remains weak with low amplitude on the histogram bars. The Relative Strength Index (RSI) stands at 50.91, indicating a neutral zone with no signs of overbought or oversold conditions. The RSI movement has flattened in recent sessions, reflecting market indecision. PENDLE's price action remains within the range of support at $3.587 and resistance at $4.125, aligning with the sideways movement indicated by both the MACD and RSI. The current technical indicators suggest market consolidation with no clear signal for a strong breakout or breakdown.