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Maple Finance’s SYRUP up over 50% on Binance listing, more upside coming?
By: bitcoin ethereum news|2025/05/07 19:15:01
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SYRUP’s strong rally followed its listing on crypto exchange Binance, supported by strong growth in its DeFi ecosystem. According to price data from crypto.news, Maple Finance’s (SYRUP) token hit an intraday high of $0.29 yesterday, May 6, putting it up more than 240% from last month’s low. At press time, its price had pulled back some of its gains and settled at $0.23, with its market cap around $253 million. SYRUP’s latest bounce occurred in a high-volume environment, with 24-hour trading volume up 2,400% to nearly $177 million. The hype extended beyond spot markets, with open interest in SYRUP futures soaring 2,400% in a single day to a record $6.72 million. A major catalyst for the rally was SYRUP’s listing on Binance and Bitget on May 6. While deposits opened immediately, withdrawals from both platforms are scheduled to begin today at 15:00 UTC. Listings on major exchanges such as Binance and Bitget tend to act as price catalysts by significantly enhancing token accessibility, market depth, and investor participation. Maple Finance as a project has also been on a tear. According to DeFiLlama data, Maple’s total value locked hit a new all-time high of $1.26 billion on May 7, up over 180% since the start of 2025, signalling growing trust and adoption in the platform’s ecosystem. Data from Dune Analytics also shows Maple’s revenue jumped from around $150,000 last June to nearly $622,000 last month. At press time, “SYRUP” was trending on Google search, which is a solid indicator of retail interest. SYRUP price analysis Looking at the daily chart, things are lining up bullishly. The 20-day EMA (blue) has crossed above the 50-day EMA (green), forming what traders call a “golden cross,” a signal that momentum is shifting in favor of the bulls. At the same time, the Bull Bear Power indicator showed seven straight green candles, suggesting buyers have been dominating recently. On top of that, the Supertrend indicator has flipped green, reinforcing the bullish setup. With this setup, SYRUP could be on track to retest the $0.30 psychological resistance, which it fell just short of in yesterday’s rally. A successful break above that could see it surpass its all-time high of $0.33, potentially opening the door for a move toward the $0.40 level if momentum stays strong. However, traders should watch out for a potential short-term pullback. The Relative Strength Index is currently at overbought levels, meaning SYRUP could see a cooldown or some profit-taking before trying for its next leg up. Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only. Source: https://crypto.news/maple-finances-syrup-up-over-50-on-binance-listing-more-upside-coming/
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