Pendle drops 10.3% despite stablecoin volume records
Pendle (PENDLE)
Editor:
Eugene Serbin
tradersunion.com reports that Pendle (PENDLE) fell 10.3% following strong selling pressure, even as the protocol recorded new highs in stablecoin trading volume and USDC vault deposits. The token currently trades below its 20-day moving average at $2.3757 but remains above longer-term levels of $1.935 and $1.5532. Pendle announced that users can earn a 34.8% APY on tokenized shares of Partners Group's Next Generation Infrastructure fund, expanding access to private infrastructure investments.
Year-to-date trading volumes in stablecoin pools exceeded $6 billion, while its USDC vault surpassed $75 million in total value locked. Regulatory clarifications from the SEC regarding token buybacks were also noted, with Pendle tracked for compliance in revenue distribution models. Despite a substantial increase in market activity over the past month, price action has remained under broader selling pressure.
Technical indicators show mixed signals, with the MACD and ADX signaling buying potential while the RSI sits at 67.29. Initial support is positioned at the week’s low of $2.32, with resistance at the 20-day average of $2.3757.
How the market reacted
Whalio's own Binance spot order flow for PENDLE, measured when this story was written up on 28 September 2026. Not the outlet's figures.
Whalio data shows PENDLE trading at $2.64 with a 24-hour buy ratio of 52.9%, indicating a slight majority of buyers over sellers. The 1-hour buy ratio stands at 46.9%, while the 4-hour ratio is 50.7%, suggesting that short-term selling pressure has eased compared to the immediate past hour. Volume delta turned positive at +$271,742 over 24 hours, contrasting with a negative -$21,823 in the last hour, which implies that net buying pressure has built up over the longer timeframe. A positive volume delta means that buy volume exceeded sell volume, while a negative delta indicates the opposite. The 24-hour close cumulative volume delta (CVD) was +$287,067, confirming that net buying dominated the session despite the intrhour dip.
The latest daily buy ratio of 48.7% sits at the 38th percentile of the last 322 days, against a median of 49.6% - ordinary for this coin.
Was that an ordinary day?
The same Binance spot measurements for PENDLE, averaged over the days leading up to the story.
Over the preceding week, the 7-day average buy ratio was 50.6%, making today's 24-hour ratio of 52.9% an increase of 2.3 percentage points. Volume was 0.61x the average, meaning trading activity was significantly lower than usual for this period. The coin saw a price change of -2.9% over eight days, with a total volume delta of +$831,666. This indicates that while buying pressure has intensified slightly relative to the weekly norm, overall participation has been subdued. The current day represents a shift toward net buying compared to the weekly average, even as total volume remains below typical levels.