A significant crypto whale moved $3.8 million worth of PENDLE tokens to Binance earlier today.

This transaction involved 1.1 million PENDLE tokens, according to Lookonchain. The whale retains 1 million PENDLE, valued at approximately $3.5 million.

PENDLE Whale Activity’s Market Impact

This whale’s activity extends beyond recent transfers. Between February 9 and April 27, 2023, the whale accumulated 3.44 million PENDLE tokens from centralized and decentralized exchanges. The average purchase price during this period was $0.32 per token.

These transactions imply the whale plans to sell a portion of their holdings. Large sales by whales can impact market prices and sentiment. Other market participants watch these movements closely, anticipating possible price shifts.

Read more: Ethereum Restaking: What Is It And How Does It Work?

With PENDLE’s current market price, the whale’s investment strategy has paid off significantly. PENDLE has seen substantial growth over the past year. From $0.92 last year, it reached an all-time high of $7.50 in April 2024. However, at the time of writing, PENDLE’s price has stabilized, trading at $3.54 currently.

Nonetheless, this growth has made PENDLE a topic of interest among investors. Crypto trader Daan Crypto commented on PENDLE’s recent performance. 

“PENDLE has been giving up a lot of its gains recently. From one of the strongest performers to one of the weakest. I’m watching the reaction at these lows and might get interested if we can hold on to these May lows. For now, no position,” Daan Crypto wrote.

Pendle Finance, the Ethereum-based yield trading protocol behind PENDLE, uses a unique approach to yield farming. Pendle allows users to trade tokens while earning substantial yields by dividing assets into Principal Tokens and Yield Tokens. This model has boosted Pendle’s popularity within the DeFi space.

Recent developments in Pendle Finance have been interesting. Last Thursday, Pendle’s total value locked (TVL) dropped 40% as several markets expired. Since Wednesday, users have withdrawn nearly $3 billion, primarily in liquid restaking tokens.

Several markets, including Ether.Fi (eETH) and Renzo’s (ezETH) expired recently, leading to withdrawals. Investors could roll their tokens into new markets, but the incentives were less appealing.

Read more: Top 11 DeFi Protocols To Keep an Eye on in 2024

Despite this, Pendle’s TVL stands at an impressive $3.66 billion, marking a 1,141% increase year-to-date. Pendle’s exponential growth has prompted notable industry figures, including BitMEX’s co-founder Arthur Hayes, to dub the project “the future of DeFi.”

Telegram Coin Notcoin’s (NOT) price led the few altcoins that have noted recovery in the last few days.

Not only did the crypto asset shatter the bearish expectations of investors, but it even flipped their opinion into positive.

Notcoin Sees a Change

Notcoin’s price rallied sharply over the last couple of days, bringing the altcoin to $0.0171. This resulted in buying pressure, which noted a solid rise. Notcoin’s Relative Strength Index (RSI) is currently above the neutral line. 

This indicates an increase in buying pressure as more investors are showing interest in purchasing the coin.

An elevated RSI generally signifies that more investors are purchasing Notcoin. If the trend continues, this uptick in buying activity could lead to further price appreciation.

In addition to the positive RSI, Notcoin’s funding rate has also turned positive. This shift is significant, especially following a period of intensely negative funding rates, which had previously signaled bearish sentiment.

The positive funding rate suggests that investors are now more optimistic about Notcoin’s future. This change in sentiment indicates that many are betting on potential gains, which could further bolster the coin’s price.

Read More: What is Notcoin (NOT)? A Guide to the Telegram-Based GameFi Token

NOT Price Prediction: Recovering Losses

Notcoin’s price has risen by 68% over the last three days, having already recovered the 35% losses noted towards the end of June. The target for the altcoin now lies at $0.0211, which would warrant a breach of the resistance at $0.0179.

Read More: How To Buy Notcoin (NOT) and Everything You Need To Know

However, if this breach fails and investors move to book profits, a drawdown to $0.0130 is very likely. Losing this support would invalidate the bullish thesis altogether, sending NOT below $0.0100.

Amid the minor uptick in trading activity in the general cryptocurrency market in the past 24 hours, the Layer 2 (L2) ecosystem has witnessed some growth. The market capitalization of all crypto assets in that category has risen by 1.42% during that period.

Starknet (STRK) and Manta Network (MANTA) are some of the L2 assets that have recorded the most gains in the past 24 hours.

Starknet (STRK) Sees Resurgence in Trading Volume in the Past 24 Hours

Starknet (STRK) trades at $0.60 at press time. The altcoin’s price has risen by 9% in the past 24 hours. 

The price hike is accompanied by a surge in daily trading volume. At $75 million as of this writing, the altcoin’s daily trading volume has risen by 30% during the period considered.

When an asset’s price rises alongside its trading volume, it strongly confirms the uptrend. This indicates that more buyers are entering the market, and the increased buying activity in the market is pushing the price up due to the higher demand for the asset.

STRK’s price movements, as assessed on a four-hour chart, reveal that the altcoin’s price has broken above the upper line of its descending channel, which has formed resistance since June 17.

A descending channel is a bearish signal. This pattern is formed when an asset’s price consistently moves lower, creating a series of lower highs and lower lows. 

When an asset’s price crosses the upper line of a descending channel, it suggests that buying pressure is overcoming selling pressure. This marks the first time STRK’s price will rally above this upper line in over a month.

If it continues to trade above this level, it may rally to $0.61.

Manta Network (MANTA) Sees Uptick in Derivatives Market Trading Activity

The value of MANTA, the native token that powers Manta Network, has risen by almost 7% in the past 24 hours. It ranks as the third L2 token with the most gains during that period. 

The uptick in the token’s price has led to a rally in activity in its derivatives market. During the period under review, trading volume across MANTA’s derivatives market has risen by over 30%. In the past 24 hours, this has totaled $87 million. 

Further, for the first time since June 4, MANTA’s funding rate across cryptocurrency exchanges is positive. As of this writing, this is 0.56%.

Funding rates are a mechanism in perpetual futures contracts that ensures the contract price stays close to the spot price. 

If an asset’s contract price is higher than its spot price, traders who hold long positions pay a fee to traders shorting the asset. Funding rates return positive values when this happens. 

Conversely, if the contract price is lower than the spot price, short traders pay a fee to traders holding long positions, resulting in negative funding rates.

When an asset’s funding rate is positive like this, it means there is more demand for long positions. It signals that more traders are buying the asset in anticipation of a rally than traders are accumulating with the expectation of selling at a lower price. 

If MANTA maintains its uptrend and the demand for long positions continues to surge, its value may rise to $0.89.

However, if a decline ensues due to a spike in profit-taking activity, the token’s price can drop to $0.86.