Maple Finance's SYRUP Token Surges 8% as Assets Under Management Hit $2.23 Billion

Maple Finance's token price has been on a remarkable bull run, reaching its highest point since November. On June 16, the price of Maple Finance (SYRUP) surged by over 8%, marking a 512% increase from its lowest point this year. This significant rally has propelled its market capitalization to over $600 million.

The surge in SYRUP's price is closely tied to the growth of assets under management within the Maple Finance ecosystem. According to data from its website, the total assets under management have risen to $2.23 billion, just weeks after surpassing the $2 billion milestone. This growth is further supported by data from DeFi Llama, which shows that the total value locked in the platform has increased to $1.6 billion from $298 million in January, a 433% increase.

The High Yield Secured Lending product has been a significant driver of this growth, accumulating over $424 million in assets. This product allows users to invest in a fund backed by liquid tokens such as Bitcoin (BTC) and Ethereum (ETH). Additionally, the Blue-Chip Secured Lending has gained over $137 million in assets, while the Bitcoin Yield solution holds $138 million. As demand for alternative assets continues to rise, Maple Finance's growth trajectory is expected to persist, leading to increased fees within the network. Its monthly fees have already jumped to $2.7 million, up from $568,000 a month earlier.

Another factor contributing to the price surge is the increase in staking volume. Data from Maple Finance's website indicates that the network has distributed over 10 million in rewards to its holders, with the staking ratio jumping to 40.6%. However, there are risks associated with this bull run. Nansen data shows that exchange balances have increased by 13% in the last 30 days to 248 million SYRUP, while smart money holdings have dropped by 52% to 16.17 million SYRUP.

Technical analysis of the SYRUP price chart reveals a strong surge in recent weeks, with the price rising from $0.087 in April to $0.5340. The token has moved above the 50-period and 25-period Exponential Moving Averages, indicating that bulls have taken control. Most recently, the SYRUP price moved above the key resistance at $0.4590, invalidating the double-top pattern whose neckline was at $0.3185. It then made a break-and-retest pattern by returning to $0.4590, a common bullish continuation signal. Therefore, the SYRUP price is likely to continue rising as bulls target the next psychological point at $0.5500. A drop below the double-top point at $0.4590 would invalidate the bullish view.