Maple Finance Token Sees Decline Despite Bitcoin Rally and Network Changes
Maple Finance token experienced a retreat on Wednesday, even as Bitcoin reached a new all-time high and significant network changes were announced by the developers.
The price of Maple (SYRUP) has seen a decrease for three consecutive days, dropping to a low of $0.3460, which is 9.40% lower than its year-to-date high of $0.3845.
Maple announced a consolidation of all its institutional and permissionless offerings under the Maple brand. This shift means that Syrup will no longer function as a standalone protocol, with its syrupUSDC asset becoming a Maple product accessible to all eligible on-chain participants.
The Blue Chip and High Yield Secured Lending offerings will continue to operate as usual, providing overcollateralized loans to institutions. Sid Powell, the CEO, emphasized the importance of unifying the brand to deliver a seamless experience without fragmentation, positioning Maple as a leading asset manager in the decentralized finance sector.
With assets under management reaching $1.6 billion and loan originations totaling $7 billion, Maple has established itself as a key player in decentralized finance. Unlike other lending protocols, Maple focuses on providing loans to companies and institutions.
The SYRUP token has shown strong performance in recent weeks, surging over 312% from its lowest point in April. This growth was fueled by ecosystem expansion and listings on major exchanges such as Binance and Bybit.
SYRUP Price Technical Analysis
On the eight-hour chart, the SYRUP price formed a double-top pattern at $0.3828, with a neckline at $0.3110, aligning with the 23.6% Fibonacci retracement level. The Average Directional Index has decreased from 60 to 38.9, indicating a potential downside for the coin, with a target at $0.31, the 23.6% retracement level.
If the support at $0.31 is breached, further selling pressure could push the price towards the 50% retracement level at $0.2345, representing a 33% decline from the current price. However, a breakout above the double-top pattern would invalidate the bearish scenario.