SYRUP price rallies as Maple TVL, whale purchases rise

Maple Finance’s token continued its strong rally on Saturday as the total value locked in its platform and whale accumulation soared. 

Maple (SYRUP) price soared to a high of $0.42 on Saturday, its highest level since November last year. It is one of the best-performing cryptocurrencies this year after soaring by 405% from its March lows. 

SYRUP price has jumped as third-party data shows that the total funds locked in its ecosystem rose to a record high of over $1.39 billion. This is a strong performance since it started the year with $290 million in assets. It had a TVL of $16.5 million in the same period last year. 

This growth has pushed Maple’s monthly fees to $2.55 million, up from $556,000 in April this year. Maple earns fees by providing financing to institutions. It gets its funds from investors who allocate cash to its High-Yield, Blue-Chip, and bitcoin-yield products.

Further data shows that the staking market capitalization of SYRUP has jumped to a record high of $194 million, up from less than $500,000 in January. This growth is due to both the rising SYRUP price and increased inflows. The staking market cap has jumped to 75.5k in ETH terms. 

Santiment data shows that whales continue to allocate money into SYRUP. Those holding between 10 million and 100 million SYRUP tokens have boosted their holdings to 373 million from 204 million on January 1.

SYRUP price technical analysis

The daily chart shows that the Maple price has been in a strong bull run in the past few months. This surge accelerated after Binance and Bitget listed it earlier this month.

SYRUP has recently surged above the key resistance level at $0.1920, the highest swing on March 8. It has also moved above all moving averages, while oscillators show it is overbought. 

Therefore, while more gains are possible, the price is likely to retreat soon as some investors start taking profits. Such a retreat would bring it to $0.25 before resuming its uptrend.