Recent days have seen a spotlight on Arthur Hayes, the former CEO and co-founder of BitMEX, thanks to his substantial sale of Pendle [PENDLE] tokens.
On September 24th, Hayes made another big move by selling off 240,000 PENDLE tokens, totaling $957,600 as reported by Lookonchain, an on-chain analytics company.
Arthur Hayes’s significant PENDLE sell-off
Lookchain highlighted that over the last four days, Arthur Hayes disposed of more than 1.83 million PENDLE tokens, valued at $6.58 million with an average price of $3.58.
This sizable sell-off raises the possibility of a noteworthy drop in the price of PENDLE in the near future.
The potential motive behind this substantial token sale might be Hayes’s interest in another token.
A recent post by an on-chain analytics firm, X, revealed that Hayes had amassed a significant 62.258 million Aethir (ATH) tokens, valued at $4.08 million, in the past month.
PENDLE’s price movement and critical levels
Even with the substantial sell-off, PENDLE appears to maintain a bullish stance according to CryptoCrypto’s technical analysis.
Considering the historical price momentum and current market sentiment, there is a strong likelihood for PENDLE’s price to surge by 20% and potentially hit the $5 mark in the days ahead.
Moreover, it is currently trading above the 200 Exponential Moving Average (EMA) on a daily timeframe. The 200 EMA serves as a technical gauge used by traders and investors to determine an asset’s trend direction.
Positive on-chain indicators
Further bolstering the bullish view are on-chain metrics. Coinglass, an on-chain analytics company, reported that PENDLE’s Long/Short Ratio stood at 1.005 as of the latest data, reflecting bullish market sentiment among traders.
In the past 24 hours, the coin’s open interest surged by 4.5%, and by 7.8% over the last four hours. This increase in Open Interest suggests a growing number of traders establishing long positions.
Traders and investors commonly consider rising open interest and a Long/Short ratio above 1 as favorable conditions to build long positions. Presently, 50.5% of top traders hold long positions while 49.5% hold short positions.
At the time of writing, PENDLE was trading close to $4.14, having surged over 3.5% in the past 24 hours. Concurrently, its trading volume dropped by 51%, indicating waning trader participation amid the recent sell-off.