Pendle launches a new staking mechanism, with PENDLE price approaching $2.35, about to break through?

On January 20, news broke that with the Pendle protocol officially launching a new staking and governance model, the PENDLE price showed clear signs of recovery, with the market refocusing on the key resistance level of $2.35. As of press time, PENDLE is trading at $2.07, up approximately 9% in the past 24 hours, indicating that after an earlier correction, bullish momentum is rebuilding.

From a price performance perspective, PENDLE has traded within a range of $1.86 to $2.31 over the past seven days. The weekly chart shows a slight decline, but the total increase over the past 30 days is nearly 9%, reflecting a gradual recovery of the medium-term trend. Alongside the price rebound, market activity has also increased, with 24-hour spot trading volume rising 34% to $63 million, suggesting that this rally is driven more by genuine participation rather than a short-term spike caused by low liquidity.

Derivative data also signals positive developments. Although overall derivative trading volume has slightly decreased, open interest has increased by nearly 10%, reaching approximately $45 million. This “volume contraction, open interest expansion” pattern often indicates traders are building new positions rather than taking profits and exiting, implying improved market expectations for the future.

The core factor driving this rebound is Pendle’s significant adjustment to its tokenomics model. On January 20, the protocol announced replacing vePENDLE with sPENDLE, introducing a more liquid staking scheme, removing the multi-year lock-up mechanism, and setting a 14-day exit period, while allowing instant redemption through fee payment. Under this new structure, protocol revenue will be used to buy back PENDLE and distribute to eligible sPENDLE holders. Additionally, the algorithmic issuance mechanism is expected to reduce token inflation by about 30%.

On the technical side, PENDLE has formed short-term support above $2, with Bollinger Bands continuing to narrow, indicating a compression of volatility. The RSI indicator has risen to a neutral zone. If the price can effectively break through the $2.30–$2.35 range, it could further test $2.60. Conversely, if it falls below $1.95, the upward structure will weaken. Currently, the market is waiting for a directional signal.