Here’s why the Maple Finance token price is in a bull run

Maple Finance token price continued its strong rally on Monday, reaching its highest point since November.

Maple Finance (SYRUP) price jumped by over 8% on June 16, up 512% from its lowest point this year. This surge has pushed its market capitalization to over $600 million, while its 24-hour volume soared 74% to $90 million.

SYRUP price has jumped as the total assets under management in the ecosystem soar. Data on its website shows that its assets under management has risen to $2.23 billion, just weeks after crossing the $2 billion milestone.

Separate data compiled by DeFi Llama shows that the total value locked in its platform has surged to $1.6 billion from $298 million in January, a 433% increase.

This surge was driven by the High Yield Secured Lending product, which has accumulated over $424 million in assets. This fund lets users invest in a product backed by liquid tokens like Bitcoin (BTC) and Ethereum (ETH).

The Blue-Chip Secured Lending has gained over $137 million in assets, while its Bitcoin Yield solution holds $138 million. Maple’s growth could continue as demand for alternative assets increases.

This growth, in turn, will lead to more fees in the network. Its monthly fees jumped to $2.7 million, up from $568,000 a month earlier.

Maple Finance price has also soared as its staking volume rose. Data on its website shows that the network has already distributed over 10 million in rewards to its holders, while its staking ratio has jumped to 40.6%.

The risk, however, is that Nansen data shows exchange balances have jumped 13% in the last 30 days to 248 million SYRUP, while smart money holdings have dropped 52% to 16.17 million SYRUP.

Maple Finance token price analysis

The 12-hour chart shows that Maple Finance price has been in a strong surge in recent weeks, rising from $0.087 in April to $0.5340.

It has moved above the 50-period and 25-period Exponential Moving Averages, a sign that bulls have prevailed.

Most recently, SYRUP price moved above the key resistance at $0.4590, invalidating the double-top pattern whose neckline was at $0.3185.

It then made a break-and-retest pattern by returning to $0.4590. A break-and-retest pattern is a common bullish continuation signal.

Therefore, SYRUP price will likely continue rising as bulls target the next psychological point at $0.5500. A drop below the double-top point at $0.4590 will invalidate the bullish view.