Maple Finance token price surged to a record high this week as its network growth and annualized fees jumped. SYRUP price rose to a high of $0.5680, up by 573% from its lowest level in May, making it one of the best-performing cryptocurrencies of the cycle.
Maple Finance AUM and Revenues Jump
Maple Finance has become a top player in decentralized finance (DeFi). It provides a platform that allows users to earn monthly returns by investing in its products. Its curated opportunities are High Yield, Blue Chip, and Bitcoin Yield, which offer up to 9.7% APY.
Maple Finance also offers the Liquid Yielding Dollar (syrupUSDC), which provides investors with annual returns of up to 6.4%. It is the third-highest yielding stablecoin after Ethena and Sky.
After investing in these funds, the company provides loans to well-vetted companies. Over time, it has issued over 400 loans worth over $7.68 billion.
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SYRUP price has jumped because the assets under management (AUM) have been on a strong trajectory in the past few months. Maple now has over $2.47 billion in total assets under management, a figure that has grown substantially in the past few weeks. Precisely, the TVL jumped by 31% in the last 30 days.
More data shows that the network’s annualized fees have jumped by over 44% in the last 30 days to over $15.48 million. Annualized fees have risen by 14% to $36 million in the same period.
Meanwhile, the SYRUP futures open interest has been in an upward trend in the past few days. Its interest has jumped to nearly $50 million, up from $37 million during the weekend. It has reached its highest point since June 18.
SYRUP Price Technical Analysis
The 12-hour chart indicates that the SYRUP price has been on a strong upward trajectory over the past few months. It jumped from a low of $0.08976 in April to a high of $0.5655.
The Maple Finance price has remained above the 50-period Exponential Moving Average (EMA), providing it with substantial support. It has also formed an ascending channel and is nearing its upper side.
SYRUP has moved slightly above the key resistance level at $0.5537, the upper side of the double-top pattern. A double-top is one of the most bearish patterns in technical analysis.
Therefore, the token will likely continue rising as bulls target the next psychological point at $1 later this year. The bullish pattern will become invalid if the price drops below the lower side of the ascending channel.
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