Despite the impressive growth of Maple Finance – hearing $ 1 billion in active loans and expanding its footprint to Solana – the native token of the platform, syrup, signs of fatigue.
After a stunning rally of 355% from the LOS points of April, the token got stuck, with data on chains that indicate delaying the acceptance of users and reduced whale interest. Although the basic principles of the protocol seem strong, technical indicators such as a Bearish double top pattern and weakening network activity that can purchase the recent momentum of the syrup.
On the last check Sunday, Maple (syrup) prize was traded at $ 0.40 – a few points under the high of this month of $ 0.4637.
Data from the chains shows that the network growth of the syrup has been set. Today it went from 1,085 on 9 to 37 May. This metric looks at the number of new accounts made every day.
More data shows that the daily active addresses have fallen from 285 to 9 to 422 May. These figures mean that the syrup smoking does not grow like in May, when it increased.
In the meantime, whales don’t buy the coin either. Addresses that retain between 10 million and 100 million syrupokens now have around 384 million, a decrease compared to last week’s high of 395 million.
Similarly, those who have between 1 million and 10 million tokens with 228 million tokens, while with between 100 million and 1 billion tokens have 458 million coins, have a decrease of 803 million in March.
Maple Finance is approaching $ 1 billion in active loans
On the positive side, Maple Finance is growing. Active loans jumped to $ 998 million, which means that they could reach $ 1 billion soon.
This is a large increase because these loans on January 1 was $ 220 million. It also reached $ 2 billion in assets.
The growth of Maple Finance can continue after the network expands in Solana (SOL) by using Chainlink’s Oracle.
This integration has already started with the release of fruit when the amount of syrupusDC in circulation On Solana, 35 million jumped within the first 24 hours.
SIROPROOPH PROCESS TECHNICAL Analysis
The eight -hour graph shows that the syrup smoking in May at $ 0.4595 peak and a double top pattern formed with a neckline at $ 0.3184. A double top is a common bearish reversing pattern.
The relative strength index of Maple Finance has formed a bearish divergence pattern. As its price increased, this divergence took the form of a downward channel.
That is why token will probably continue to fall, because sellers focus the neckline on $ 0.3184, the lowest point on May 31 and 22% below the current level.
