Maple Finance token may be on the cusp of a bullish breakout as its asset management (AUM) jumps, following the recent integration with Solana using Chainlink’s oracle. The SYRUP price was trading at $0.41 on Monday, a few points below the important resistance level at $0.4590.
Maple Finance AUM Jumps
Maple Finance is a leading financial services company revolutionizing the asset management industry. It has created a decentralized finance (DeFi) solution that enables investors to allocate their funds and earn an annual return. It also lets institutions borrow money easily.
Maple Finance’s platform has issued over 400 loans worth over $7.3 billion, with most deals taking less than 24 hours to complete.
READ MORE: Tron Price Prediction: Wyckoff Theory Says Buy TRX
DeFi Llama data shows that Maple Finance has a total value locked of over $1.54 billion, up from $295 million in January. According to its website, it has over $2.05 billion in assets under management, a figure that continues to grow daily.
Maple Finance offers several overcollateralized loans. The Blue Chip Secured Lending product has over $138 million in assets under management, while the High Yield Secured Lending solution has over $443 million in assets.
Bitcoin yield has over $139 million in assets, while syrupUSDC has a market capitalization of over $650 million and is experiencing growth. This growth is expected to continue now that Maple Finance has expanded to Solana, the most active blockchain in the cryptocurrency space.
Indeed, data shows that the syrupUSDC minted on Solana has jumped to over $35 million in the past few days, with Kamino having over $22 million of the token.
SYRUP Price Technical Analysis
The daily chart shows that the Maple Finance token bottomed at $0.087 in April and then surged to a high of $0.50 in May. This surge occurred after the token was listed on several exchanges, including Binance and Bitget, and as its ecosystem expanded.
Maple price has remained above the 50-day and 25-day moving averages, a sign that bulls are in control for now. The risk, however, is that it has formed a double-top pattern at $0.4590 and a neckline at $0.3185.
The double-top pattern suggests a potential retreat, possibly to the neckline at $0.3185, which is approximately 23% below the current level. A move above the double-top pattern at $0.490 will point to more gains, potentially to the psychological point at $0.50.
READ MORE: Top Analyst Explains Why the Polkadot Price is About to Surge
