SYRUP crypto price held steady on Saturday, Aug. 30, as it continued to outperform most cryptocurrencies amid smart money buying. The Maple token was trading at $0.4500, up 17% from its lowest level this month.
Maple Finance Growth Continues
The SYRUP crypto price steadied as one smart money investor continued buying. Data shows that this investor bought tokens worth over $1.28 million in the last 24 hours, making it one of the largest single purchases of tokens in the crypto industry. These investors now hold almost 50 million SYRUP tokens.
Whale investors have continued buying SYRUP tokens. They now hold over 3.48 million tokens, up from 3 million a few weeks ago. This is a sign that investors are hoping that the coin will jump. More data show that the exchange outflows of ENA have decreased by 24% over the last 30 days.
The Maple Finance network is performing well, with the total value locked (TVL) reaching a record high of over $2.06 billion. Its annulized fees jumped to over $36 million, while the revenue rose to $9.4 million.
The surge is driven by the syrupUSDC, which has become a $960 million token thanks to its high yield. Data shows that the token’s total value locked (TVL) on the recently-launched Jupiter Lend has jumped to over $75 million, 24 hours after its launch.
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SYRUP Crypto Price Technical Analysis
The daily timeframe shows that the Maple Finance price jumped from a low of $0.0850 in April to a high of $0.6595. Most recently, it has pulled back to the current $0.4500 and is at the 50-day moving average.
The SYRUP crypto price has formed a falling wedge pattern, which comprises descending and converging trendlines. This wedge is happening after it surged, meaning that it is part of the bullish pennant pattern.
Therefore, the coin is likely to experience a strong bullish breakout, with the next key point to watch being at $0.6596, representing a 45% increase from the current level. A drop below the support at $0.3892 will invalidate the bullish forecast.
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