PENDLE dips, buyers bite, sellers snack: $1.16 support holding the leash 🐂

Pendle [PENDLE] declined more than 10% during the session even as trading activity climbed roughly 20% to $36.9 million, a pattern that placed rising participation against sustained downside pressure rather than follow-through buying. The increase in volume during the sell-off indicated continued market engagement, but sellers retained control of price action while liquidity entered the market. Spot market data showed a divergence beneath the decline, with the Spot Taker CVD remaining firmly positive and trending higher even as PENDLE moved lower. The data pointed to aggressive buyers entering through market orders, though their activity did not translate into immediate price appreciation as sellers absorbed incoming demand. The split between healthy participation and mixed directional conviction left the market compressed, with buyer aggression persisting while prevailing supply capped upside progress.

PENDLE remained trapped within a defined range after its recent decline, continuing to trade just above the $1.16 support zone that buyers have repeatedly defended against a deeper breakdown. Each rebound attempt lost strength before reaching the upper boundary near $1.40, leaving the asset compressed and forming a lower-high structure that reflected fading bullish conviction. The MACD histogram stayed negative at press time, and the MACD line continued drifting beneath the signal line, confirming that bearish pressure persisted through the latest move. If bulls maintain the $1.16 floor, PENDLE could revisit resistance around $1.40, while a loss of that support could expose the asset to a sharper decline as sellers regain firmer control.

The liquidation heatmap highlighted a clear concentration of leveraged positions above the current market price, with the largest liquidity pockets clustered between $1.40 and $1.50. That range, containing significant amounts of leveraged exposure, drew attention as a potential destination if buyers regain strength. Liquidity below current levels appeared considerably lighter, placing greater focus on the overhead region rather than lower targets. Markets frequently gravitate toward heavily populated liquidation zones because of the exposure they contain, and the $1.40–$1.50 corridor stood out as the area where that gravitational pull remained most visible heading into the next session.