The Maple Finance crypto price staged a strong comeback after forming a falling wedge pattern, following a jump in total assets under management. SYRUP token also jumped after the network published the second-quarter report. It jumped to a high of $0.5490, up from this week’s low of $0.403.
The Maple Finance token surged after the developers published their second-quarter report, which showed robust growth. The report noted that the syrupUSD assets under management jumped by 460% QoQ to $1.87 billion, while its DeFi supply soared to $790 million.
The report also noted that professional allocators continued to shift their resources to Maple Finance. Its Bitcoin Yield product has added over $180 million and yields 5.2%. The other funds, like High Yield and Blue Chip, also continued adding assets.
Maple Finance aims to increase its total assets under management to $5 billion by the end of the year, representing a significant jump from its current $3.1 billion. It also expects to launch new onchain structured products.
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Most notably, the developers expect the syrupUSD to continue growing, with its size reaching $3.5 billion. This growth is expected to occur amid more tier-1 exchange listings and Aave integration.
The Maple price also jumped as the company proposed more token buybacks this year. They plan to raise the buyback allocation from 20% to 25% of the protocol revenue. Token buybacks boost an asset’s value by reducing those in circulation.
Furthermore, the SYRUP price has surged as whales continue to accumulate. They now hold close to 10 million tokens while the smart money investors hold 17.53 million. At the same time, the volume of Maple on exchanges dropped to 301 million.
SYRUP Price Technical Analysis
Maple Finance token chart | Source: TradingView
The daily chart shows that the SYRUP price rebounded from a low of $0.403 earlier this month to a high of $0.5500, its highest point since July 11.
This rebound happened after the token formed a falling wedge pattern, one of the most bullish reversal signs. The token has moved slightly above the 38.2% Fibonacci Retracement point at $0.4400.
Maple has moved above the 50-day moving average. Therefore, the token is likely to continue rising as bulls target the year-to-date high of $0.6612, which is approximately 30% above the current level.
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