The price of Maple Finance (SYRUP) continues to maintain a strong upward trend, currently trading above 0.42 USD at the time of writing on Thursday, after rising nearly 9% just this week. The success of surpassing 2 million USD in revenue in October indicates that the project's ecosystem is rapidly developing, while also reinforcing investors' confidence. If this momentum is maintained, Maple Finance is fully capable of continuing to break through in the near future.
Maple Finance's revenue reaches a record high monthly
On Wednesday, Maple Finance announced on their official X account that their monthly revenue has reached a new record, hitting 2.15 million USD this month.
The company emphasized: “We have exceeded our revenue target and the total assets under management (AUM) expected by the end of the year by two months, and there are no signs that this upward trend will slow down.”
This continuous growth reflects the rapid expansion pace of the Maple Finance ecosystem, while demonstrating the increasing demand for their on-chain products.
On-chain data and derivatives from Maple Finance indicate a rise to the sky trend.
The aggregated data from CryptoQuant further highlights the bullish prospects of SYRUP, as the spot markets record large volume purchases from whales, revealing the potential for a breakout in the near future.
Source: CryptoQuantNotably, the open interest (OI) of SYRUP futures contracts on exchanges has risen to the sky, from 23.23 million USD on Tuesday to 32.13 million USD on Thursday — the highest level since mid-October and continues to escalate. This increase in open interest reflects new capital inflows into the market, combined with strong buying pressure, promising to support the current price uptrend of SYRUP.
Open contract (OI) of SYRUP | Source: Coinglass## Price forecast for Maple Finance: The SYRUP bulls aim for higher levels
The price of Maple Finance (SYRUP) has surged strongly, rising to the sky by 9.35%, closing above the daily resistance level at 0.39 USD and surpassing the 50-day exponential moving average (EMA) at 0.40 USD on Wednesday. As of the time of writing on Thursday, the price continues to maintain its upward momentum, trading around 0.42 USD.
If SYRUP breaks through and closes above the Fibonacci retracement level of 61.8% at 0.43 USD ( from the July peak at 0.68 USD down to the October low at 0.04 USD) on the daily chart, the uptrend is likely to extend towards the high on September 6 at 0.53 USD. Successfully conquering this level may also open up opportunities towards the peak on July 25 at 0.68 USD.
Daily chart of SYRUP/USDT | Source: TradingViewThe Relative Strength Index (RSI) on the daily timeframe is at 58, above the neutral threshold of 50, indicating that the upward momentum is getting stronger. Furthermore, the MACD indicator formed a bullish crossover last week, signaling a clear buy. The green histogram bars are gradually increasing above 0, further solidifying the upward trend.
On the contrary, if SYRUP faces correction pressure, the price may retreat to the important support level at 0.39 USD.
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