- SYRUP is up 33%, driven by Upbit listing and associated marketing campaign.
- Governance vote (MIP-018) could increase buybacks, benefiting long-term holders.
- Breakout from ascending triangle suggests bullish move, while short-term target near $0.75.
SYRUP, the native token of Maple Finance is on a roll today, soaring over 33% over the past 24 hours. With trading volume staggering up 244% to $452 million and market cap climbing to $742 million, speculation rises for the reasons leading to the rally.
Upbit Listing Sparks Retail Frenzy
A prominent reason is stated to be the listing of SYRUP on Upbit, a South Korean exchange, which is one of the largest trading platforms in Asia. This enabled new trading pairs of KRW, BTC, and USDT to open doors for customers.
A promotional campaign distributing 228,000 SYRUP, including a $6,666 super jackpot for the winner accompanied the Upbit announcement too. Similar explosive price action was seen when Upbit listed tokens like Ethena (ENA), WalletConnect Token (WCT), and DeepBook (DEEP) along with many other digital assets.
The excitement is further amplified by Maple Finance’s recent partnership with Cantor Fitzgerald’s BTC lending desk, positioning the protocol as a major player in institutional on-chain credit.
Related: Maple Finance CEO says that DeFi Market Can Be 100x Larger
Governance Momentum: Buyback Vote on Deck
Meanwhile, the governance proposal MIP-018 goes to vote today. The proposal aims to increase SYRUP buybacks from 20% to 25% of protocol revenue, a significant move given Maple’s reported $15 million in annual recurring revenue (ARR). If passed, this change would redirect more capital toward SYRUP holders, enhancing staking rewards and long-term value capture.
SYRUP Price Analysis: What’s Next?
SYRUP has just broken out of an ascending triangle pattern, typically a bullish continuation setup. The chart below shows a breakout candle piercing above previous resistance at $0.5736 with strong momentum.
Meanwhile, the MACD shows a bullish crossover with RSI spiking above 78, signaling overbought conditions. Also, the Bollinger Bands are widening with price riding the upper band, indicating strong volatility expansion.
If momentum holds, the immediate resistance lies near $0.65, followed by a psychological barrier at $0.75. On the downside, support is seen at the breakout zone around $0.57, with secondary support at $0.47.
Related: Pi Network Soars Over 10% on “Pi2Day” Hype; STX and SYRUP Also Rally
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
