Maple Finance (SYRUP) saw a 1.50% increase in price on Friday, signaling a positive trend for the cryptocurrency. On-chain data revealed that smart money investors were actively buying the recent dip in SYRUP tokens.
The price of Maple Finance token climbed to $0.5365, slightly above the week’s low of $0.4912. This surge represents a remarkable 520% increase from its lowest point this year, bringing the market capitalization of SYRUP to $638 million.
According to insights from Nansen data, smart money investors have been accumulating SYRUP tokens, indicating their optimistic outlook for future price appreciation. These investors have purchased tokens worth $3.13 million over the past seven days, making SYRUP the most sought-after token during this period.
Further analysis of Nansen data revealed that the top 100 addresses have increased their holdings by 10% in the last week, now totaling 1.07 billion tokens. Whale holdings also experienced a 4% increase to 9.27 million tokens, while the number of SYRUP tokens on exchanges decreased by 1.7% to 262 million.
The growing interest from whales and smart money investors can be attributed to the ongoing growth of Maple Finance. Data indicates that the total value locked in the platform has surged to $2.8 billion, up from $540 million at the beginning of the year.
Active loans on the platform now exceed $1.2 billion, showcasing a substantial increase in protocol revenue. Maple Finance has already generated $4 million in revenue this year, surpassing the $2.5 million earned in the entirety of the previous year.
Technical analysis of SYRUP price shows a promising outlook as the coin has formed a double bottom at $0.089 in February and April. Breaking above the neckline at $0.1930 in May, SYRUP went parabolic with increased investment from whales and smart money.
Currently trading above the 50-day moving average and forming an ascending channel, SYRUP is poised for further gains. The Relative Strength Index and the MACD indicators are on an upward trajectory, indicating a bullish sentiment in the market.
With bulls eyeing the key resistance at $0.6575, which is the highest point this year, there is potential for a 22% increase from the current level. A successful breach of this resistance level could pave the way for further gains towards $1.
Overall, Maple Finance’s recent price surge and growing investor interest suggest a positive outlook for the cryptocurrency in the near future. Investors and traders are closely monitoring these developments to capitalize on potential opportunities in the market.