Pendle drops 10.4% despite tokenomics overhaul and buybacks
Pendle (PENDLE)
Editor:
Eugene Serbin
Pendle (PENDLE) fell 10.42% as broad market corrections and large-scale liquidations created strong selling pressure, according to tradersunion.com. The decline occurred even though the protocol maintained a positive operational backdrop with recent buybacks and a major tokenomics overhaul. Pendle Finance reduced PENDLE token emissions by 92% and lowered annual inflation to 0.2%.
The protocol recorded cumulative buybacks exceeding 2.68 million PENDLE, valued at approximately $3.7 million. It also launched the NGI+ market to enable DeFi users to trade yields on tokenized institutional infrastructure assets. Secondary developments included a dynamic fee model for its PT Looping feature and increased liquidity depth by 40%.
Despite these improvements, price action remained under broader selling pressure. The price remains above all major moving averages, with the MA-20 at $2.2136, MA-50 at $1.7937, and MA-200 at $1.5134. The Ichimoku Kijun at $2.232 serves as additional support, with a near-term floor at $2.417 and resistance at $2.548.
Momentum indicators show mixed signals, with MACD and ADX indicating strong upside momentum while CCI is in overbought territory. Bull/Bear Power at 0.4308 confirms buyer dominance intraday, though the pair is currently under pressure near today’s low. Analysts noted that expanding product suites were being overshadowed by technical pressures, advising traders to monitor $2.548 resistance for potential upside continuation.
How the market reacted
Whalio's own Binance spot order flow for PENDLE, measured when this story was written up on 22 September 2026. Not the outlet's figures.
At $2.52, Pendle shows a 1-hour buy ratio of 48.7%, indicating slightly more selling than buying in the short term. The 4-hour buy ratio is higher at 55.1%, suggesting that buying pressure is building over a slightly longer timeframe. However, the 24-hour buy ratio drops to 46.8%, showing that selling pressure has dominated over the full day. The 1-hour volume delta is negative at -$9,243, meaning sell volume exceeded buy volume in the last hour. In contrast, the 4-hour volume delta is positive at +$129,527, indicating net buying over that period. The 24-hour volume delta is -$617,832, confirming that net selling has outweighed buying over the day. The Cumulative Volume Delta (CVD) at 24-hour close is -$283,860, further highlighting the net outflow of buying pressure. Spot volume for the 24-hour period was $9,838,925 across 81,045 trades.
The latest daily buy ratio of 52.5% sits at the 82nd percentile of the last 323 days, against a median of 49.6% - stronger buying than most days.
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 average buy ratio was 50.5%, making today's 24-hour ratio of 46.8% lower by 3.7 points. This indicates that today has been less favorable for buyers compared to the weekly average. Volume today was 1.49 times the average, showing significantly higher activity than usual. Net buying occurred on only 2 of the past 7 days, suggesting a generally weak trend. The price increased by 6.6% over the 8-day period, despite the recent dip. Total volume delta for the week was -$308,196, indicating that selling pressure has slightly outweighed buying pressure over the longer term.