PENDLE Dips Following Polychain Sell-Off: Can Buyers Support the $2 Level?

Price Trend: Pendle is experiencing a significant downtrend, with recent price action testing long-term support levels around $2, following a rejection near $6 two months ago.

Whale Exit: Polychain Capital sold its PENDLE holdings at a loss of approximately $3.99 million, indicating a decline in institutional confidence and contributing to bearish market sentiment.

Key Level: The $2 support level is critical for buyers to defend; failure to maintain this level could lead to further declines toward $1.80, which has historical significance.

Technical Indicators: Current technical signals suggest that sellers are in control, with oversold conditions and bearish momentum indicators, highlighting the need for strong buyer conviction to reverse the trend.