Since facing rejection nearly $6.2 months ago, Pendle traded inside a steep downtrend, eventually dropping to a $2.02 low.
At press time, Pendle traded around $2.17, down 4.1% daily and nearly 18.5% monthly, reflecting sustained bearish pressure.
That prolonged weakness appeared to push long-term holders, including institutions, toward capitulation.
Polychain exits at a loss
Despite Pendle [PENDLE] recording brief recoveries over the past month, whale behavior stayed consistent.
CryptoQuant’s Spot Average Order Size showed Big Whale Orders persisted for nearly 30 consecutive days, signaling steady large-player activity.
Source: CryptoQuant
However, that activity leaned heavily toward distribution.
One notable seller was Polychain Capital, flagged by on-chain tracker EmberCN. According to EmberCN, Polychain Capital exited its Pendle position after holding the token for several months.
The firm accumulated roughly 4.114 million PENDLE between March and September at an average price near $3.16, totaling about $13 million.
Source: EmberCN
Roughly four months later, Polychain Capital sold the holdings for around $2.19, locking in an estimated $3.99 million loss.
Such loss-based exits often reflected a sentiment shift, where conviction weakened under prolonged downside pressure.
That shift extended beyond one wallet.
Coinalyze data showed Pendle posted a negative Buy Sell Delta for nine straight days, confirming sustained spot-side selling pressure. Negative delta readings indicated sell orders consistently outweighed buys, reinforcing downside dominance.
Source: Coinalyze
Can $2 support survive?
AMBCrypto observed that Pendle’s broader downtrend remained intact as sellers continued to control price action. On the daily chart, the Relative Strength Index fell to 36, placing the token near oversold territory.
Source: TradingView
Meanwhile, the Directional Movement Index showed the Positive Directional Index sliding to 13, highlighting strong bearish momentum. That alignment typically favored trend continuation.
If selling pressure persisted, Pendle could lose the $2 support level, opening the door toward the $1.80 zone.
For sentiment to stabilize, the price would need to reclaim $2.25, signaling renewed buyer defense.
A sustained hold above that level could then allow a recovery attempt toward $2.50.
Final Thoughts
- Polychain Capital’s exit marked a visible break in long-term conviction, but it was not the only signal weighing on Pendle.
- Sustained spot selling and weak momentum suggested broader hesitation among buyers.
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