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Despite Maple Finance’s significant growth—approaching $1 billion in active loans and expanding operations onto Solana—the platform’s native token, SYRUP, is showing signs of stagnation. After an impressive 355% rally from its April lows, the token’s momentum appears to be fading. On-chain data reveals slowing user adoption and reduced interest from large holders, or “whales.” While the protocol’s fundamentals remain strong, technical indicators like a bearish double-top pattern and declining network activity suggest potential challenges ahead for the token.

SYRUP Token Performance and On-Chain Metrics

As of Sunday, the SYRUP token was trading at $0.40, slightly below its monthly high of $0.4637. This price stagnation aligns with concerning on-chain metrics. For instance, network growth—a measure of the number of new accounts created daily—has dropped significantly. On May 9, Maple Finance recorded 1,085 new accounts, but this figure has since plummeted to just 37.

Additionally, daily active addresses, another key metric indicating user engagement, have decreased. The number of active addresses fell from 285 on May 9 to 422, signaling a slowdown in user activity compared to the growth seen during May’s rally.

Decline in Whale Activity

Large token holders, or whales, are also reducing their positions in SYRUP. Wallets holding between 10 million and 100 million SYRUP tokens now collectively hold 384 million tokens, a decline from last week’s high of 395 million. Similarly, wallets with 1 million to 10 million tokens currently hold 228 million tokens, while those with 100 million to 1 billion tokens now hold 458 million—down significantly from 803 million in March.

Maple Finance’s Continued Growth

On a more positive note, Maple Finance continues to demonstrate strong network growth. Active loans on the platform have surged to $998 million, putting the protocol within striking distance of the $1 billion milestone. This represents a substantial increase compared to the $220 million in loans recorded on January 1. Additionally, the platform has achieved $2 billion in assets under management, further underscoring its growth trajectory.

The platform’s recent expansion onto Solana is also showing promising results. By leveraging Chainlink’s oracle technology, Maple Finance has seen an immediate impact, with the amount of syrupUSDC in circulation on Solana increasing by 35 million within the first 24 hours of the integration.

SYRUP Price Technical Analysis

From a technical perspective, the SYRUP token is exhibiting bearish signals. The eight-hour chart reveals that the token reached a peak of $0.4595 in May, forming a double-top pattern. This bearish reversal pattern has a neckline at $0.3184, which could act as a key support level. A break below this level could lead to further downside.

Additionally, the Relative Strength Index (RSI) for SYRUP shows a bearish divergence. While the token’s price increased, the RSI formed a downward channel, indicating weakening momentum. Given these signals, the token may face continued selling pressure, with potential declines targeting the $0.3184 level, which is 22% below its current price.

Despite short-term challenges for the SYRUP token, Maple Finance’s underlying growth and expansion efforts position it well for long-term success. Investors should monitor on-chain activity and technical indicators closely to navigate this evolving market.

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