Maple Finance’s token price formed a God candle on Thursday as on-chain data pointed to whale accumulation. It also jumped as its assets under management skyrocketed to a record high.
Summary
- SYRUP price jumped by over 15% on Thursday as whales bought the dip.
- Maple Finance’s total value locked and assets under management have soared to a record high.
- Technicals point to more SYRUP gains, potentially to the year-to-date high.
Maple Finance (SYRUP) price jumped to a high of $0.5500, its highest level since July 11, and 36% above its lowest level this year. This jump happened in a high-volume environment, with its 24-hour figure soaring to $216 million.
The SYRUP price jumped as third-party data shows that the network growth is gaining momentum. Data shows that the total value locked in the ecosystem jumped to a record high of $2.13 billion, much higher than the January low of $275 million.
According to its website, its total assets under management jumped to $3.16 billion. The Blue Chip Secured Lending Fund has over $169 million in assets and provides a net APY of 7.1%. The High-Yield Secured Lending fund has an APY of 10% and over $502 million in assets.
Maple’s Bitcoin yield has $177 million in assets, while syrupUSDC’s assets are nearing the $1 billion milestone. This growth has made Maple Finance highly profitable, with data showing that its net earnings rose to $988,000 in the second quarter from $207,000 in the same quarter last year.
SYRUP price also jumped as on-chain data showed that whales bought the recent dip. Whales now hold 3.3 million tokens, up from 9.48 million on Wednesday this week. Their holdings have jumped to the highest level since July 22.
Smart money investors have increased their positioning to 17.53 million, while the exchange balance has dropped by 1.7% in the last seven days to 299 million.
SYRUP price technical analysis
The 12-hour chart shows that the Maple Finance token price dropped to a low of $0.4033 on Wednesday. It then formed a God candle today, July 24, as investors, especially whales, bought the dip.
SYRUP token has moved above the 50-period and 25-period moving averages. It has also moved above the upper side of the falling wedge pattern, one of the most common bullish reversal signs.
Therefore, the Maple token is likely to continue rising as bulls target the year-to-date high of $0.6600, representing a 30% increase from the current level.
