Arthur Hayes, the founder of the BitMEX exchange, recently sold 1.59 million PENDLE tokens for about $5.62 million, with an average price of $3.52 per token. This selloff has happened in the last two days, and a lot of selling was done from his portfolio.

It seems to go against his latest public sentiment when he said he is bullish on PENDLE and expects it to surpass $10. Despite this massive sale, the price went up, and the tokens that Hayes sold are worth approximately $6.91 million, which means he has lost around $1.29 million.

Before this, Hayes had sold 1,270,000 PENDLE tokens for $4.4m worth of cryptocurrency, or 61% of all the tokens he held, as earlier reported. Following these transactions, Hayes holds about 820,000 PENDLE, equal to 2.85 million US dollars.

In his latest statement, Hayes talked about trimming his position for a “special situation,” which could be the reason behind the selling. More specifically, Hayes had removed 1.65 million staked PENDLE from his main wallet and transferred 918 556 PENDLE to Binance, suggesting more liquidations could soon come.

Pendle Up 21% in 24 Hours

However, Hayes kept selling pressure on PENDLE, yet the token rallied by 22.03% in just one day to trade at $4.28. The 24-hour trading volume also surged to over $386,285,603, increasing by over 303.50%.

According to the trading volumes, this increase pushed PENDLE into the top 15 most traded coins. This indicates high market demand. The current market capitalization of the coin stands at $687,93 million.

The price movement goes against conventional market behaviour when there are large sales, in which assets usually decrease. However, PENDLE has bounced back, which could be due to high buyer interest and overall positive sentiment towards the project.

The market capitalization to total value locked ratio stands at 0.263. This indicates that the token might still be trading at a discount to the assets within its ecosystem.

Technical Analysis

From a technical perspective, the four-hour chart reflects a breakout from a consolidation phase, which saw token trading in a narrow range. The breakout was accompanied by increased buying volume.

This is indicated by the MACD indicator, which shows bullish momentum with the MACD line crossing above the signal line. The price has swiftly moved past resistance levels around $3.50 and $3.80, confirming a bullish trend.

4-hour PENDLE/USDT Chart | Source: TradingView

The strong price movement could result from heightened investor confidence or speculative buying following Hayes’ exit. The recent surge positions PENDLE close to its next resistance level, near $4.40.

Further bullish momentum could see the price testing higher levels, though any sentiment or broader market volatility reversal could influence this trend. PENDLE’s performance today, marked by increased volume and price appreciation despite notable sell-offs, underscores its current market strength and investor appetite for this asset.

The dynamics around major holders like Hayes continue to play a pivotal role in market sentiment, adding an element of unpredictability to the price action.