SYRUP price target: $1 in sight as SyrupUSDC targets $1b milestone
Maple Finance’s token extended its rally for a fourth consecutive day as momentum behind its yield-generating stablecoin continued to build.
Maple Finance (SYRUP) price rose to a high of $0.6180, its highest point since November last year. It has jumped by over 6.45% from its lowest point this year, giving it a market capitalization of $688 million.
Maple Finance’s token advanced as the syrupUSDC market capitalization jumped to over $886 million, three months after its launch. This growth has made it one of the biggest stablecoins in the crypto industry.
SyrupUSDC has overtaken other popular stablecoins like Ondo Finance’s USDY, PayPal’s PYUSD, and Ripple USD. This growth suggests it will cross the $1 billion milestone in the coming weeks. SyrupUSDC also moved into a premium, with its price rising to 1.11.
SyrupUSDC is designed to maintain a stable value pegged to the U.S. dollar. When users deposit USDC into Maple Finance, they receive a liquidity pool token known as syrupUSDC, which earns a yield from fixed-rate, overcollateralized loans to institutions. It is also integrated with popular DeFi protocols like Pendle and Morpho, allowing holders to use it as collateral.
SyrupUSD yields about 6.4%, higher than the ten-year US bond yields. Only Ethena (ENA) and Sky Protocol (SKY) stablecoins have a higher yield.
SYRUP also climbed as Maple Finance’s assets under management jumped to a record high of nearly $2.5 billion. In addition to SyrupUSDC, the other big players in its ecosystem are High Yield, Blue Chip, and Bitcoin Yield, which have $400 million, $136 million, and $138 million, respectively.
SYRUP price technical analysis
The 12-hour chart shows that the SYRUP price has soared this week as SyrupUSDC neared the $1 billion mark. It has moved above the ascending channel that connects the highest and lowest levels since May 25.
The token moved above the ultimate resistance of the Murrey Math Lines and is now nearing the overshoot level. Similarly, the Relative Strength Index and other oscillators have also pointed upwards.
Therefore, the token will likely continue rising as bulls target the psychological point at $1, which is about 62% above the current level.
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