Maple Finance’s Token Sees Continued Rally as TVL and Whale Accumulation Soar
Maple Finance’s token, SYRUP, has been on a remarkable rally, reaching a high of $0.42 on Saturday, its highest level since November last year. The cryptocurrency has seen an impressive 405% surge from its March lows, making it one of the best-performing assets in the market this year.
The surge in SYRUP price can be attributed to the significant increase in total value locked (TVL) in the Maple Finance ecosystem. Data from DeFi Llama shows that the TVL has reached over $1.39 billion, a substantial increase from $290 million at the beginning of the year. This growth in TVL has also led to a surge in monthly fees, which now stand at $2.55 million, up from $556,000 in April.
Additionally, the staking market capitalization of SYRUP has seen a significant increase, reaching a record high of $194 million. This surge is a result of both the rising SYRUP price and increased inflows into the ecosystem.
Whales have also been accumulating SYRUP tokens, with holdings between 10 million and 100 million tokens increasing from 204 million to 373 million since the beginning of the year.
SYRUP Price Technical Analysis
The daily chart for SYRUP indicates a strong bullish trend, especially after recent listings on Binance and Bitget. The price has surpassed the key resistance level at $0.1920 and is trading above all moving averages. However, oscillators suggest that the asset is overbought, indicating a potential pullback in the near future.
While further gains are possible, investors should be cautious of a possible retreat towards the $0.25 level before resuming its upward trajectory.