Pendle price outlook: $1.80 key as open interest holds steady

After a striking run in the past year, the token has settled into a lower range.

Recent price action has been marked by heavy selling pressure alongside intermittent rallies, raising questions about whether steady futures open interest near $31 million could help support a bullish recovery.

Pendle price holds near $1.80

Since topping out at about $6 in late 2025, Pendle has faced persistent downward pressure and failed to sustain gains above $3.00 once that level was breached.

More recently, price has tested resistance around $2.00 amid renewed buying interest, but has repeatedly struggled to convert those tests into momentum.

Today, the token is hovering near $1.80, a level that has acted as both short-term support and a hurdle during attempted rebounds.

Technically, $1.80 functions as a near-term pivot: a break and hold beneath it would likely expose lower support near $1.40-$1.50.

Meanwhile, a clean rebound could send $PENDLE toward the $2.00 resistance zone.

A decisive recovery above $3.00 remains possible in the short term.

However, bulls would require a sustained increase in buying pressure and volume, with broader market tailwinds coming into play.

Pendle open interest suggests bullish strength

Open interest (OI) in Pendle futures is holding around $31 million, a level that speaks to steady participation in derivatives markets even as the spot price struggles.

In derivatives trading, open interest represents the total number of active $PENDLE futures contracts that have not been closed or expired.

Usually, traders tap into the metric to gauge conviction behind price moves.

When open interest remains steady or rises alongside price, it often indicates fresh capital entering the market and supports continuation of the trend.

In Pendle’s case, relatively stable open interest during repeated tests of the $2.00 level suggests there is still meaningful participation from both speculators and hedgers.

That steadiness can be interpreted as a bullish undertone. Rather than mass position liquidation, market participants appear willing to maintain exposure, which would make any upward move more sustainable.

Conversely, declining open interest during a rally would hint that gains are driven by short-covering rather than new buying, weakening the case for a follow-through.

What could determine Pendle’s next move

Open interest alone does not guarantee an advance. Bears remain a credible force after the multi-month sell-off from $6 and the inability to hold above $3.00.

If sellers intensify and OI begins to fall while price drops below $1.80, that would signal position exits and increase the odds of deeper declines.

Alternatively, a rising OI coupled with a break above $2.20 and then $3.00 would strengthen the bullish narrative and invite attention to higher resistance levels.

Traders are thus likely to treat $1.80 as an inflection point.

Given the token’s history of sharp price swings, traders will likely continue monitoring volume and open interest closely for confirmation of the next directional move.