Maple Finance’s token continued its strong rally, reaching its highest level since November last year as its assets and fee revenue surged.
Maple (SYRUP) jumped to a high of $0.3490, up 287% from its lowest level this year, bringing its market cap to $374 million. The rally came in a high-volume environment, with 24-hour trading volume rising to $150 million.
SYRUP token jumped as the total value locked in its network jumped to a record high of $1.17 billion, up from this year’s low of $250 million. This performance makes it one of the best-performing players in decentralized finance.
The growth has translated into higher network revenue. According to TokenTerminal, the protocol generated over $600,000 in revenue in April, nearly double the previous month’s figure.
Additionally, the amount of active loans on Maple has climbed to a record $692 million, a sharp increase from $250 million at the start of the year.
SYRUP’s price also benefited from new exchange listings over the past few months. It became available on dYdX, one of the leading decentralized exchanges, on Thursday. Earlier this month, it was also listed on Binance and Bitget earlier this month.
Maple Finance is building a decentralized platform where verified lenders provide capital to institutions. Its Blue-Chip Secured Lending Pool lends USDC, overcollateralized by Bitcoin (BTC) and Ethereum (ETH). The High Yield Secured offers the same service, but is overcollateralized by BTC, ETH, and liquid altcoins.
Maple also launched the BTC Yield product that enables Bitcoin holders to earn a return on their assets.
SYRUP price analysis
The eight-hour chart shows that SYRUP has been in a strong uptrend, positioning Maple as a growing force in DeFi. The token recently broke above a key resistance level at $0.1930—its March high—flipping it into support.
Maple Finance token remains above the 50-period exponential moving average, a sign that bulls are in control. However, there are signs that it has become overbought as the Relative Strength Index has moved to 75.
As such, the most likely near-term scenario is a pullback toward the $0.20 support level, followed by a potential continuation of the broader bullish trend.
