While most tokens plummeted, SYRUP has surged 30% in a single day amid strong short-term catalysts.
Summary
- SYRUP surged 30% despite a crypto market downturn and Bitcoin losses.
- The rally was driven by its Upbit listing and spike in trading activity.
- A pending governance vote and strong institutional ties support upside.
Maple Finance (SYRUP) moved in the opposite direction as the crypto market entered yet another correction, with Bitcoin (BTC) plunging below $116,000 and more than $700 million in liquidations. The token is up 30% in the past 24 hours, including a sharp 7% surge in just under an hour.
At press time, SYRUP was trading at $0.614, up 35% over the past week and just 7% below its July 25 all-time high of $0.6532. The rally was reinforced by a sharp uptick in derivatives activity.
According to Coinglass data, SYRUP’s 24-hour trading volume rose 177.81% to $809.91 million, while open interest increased 56.27% to $135.71 million. This indicates rising speculative momentum and a surge in leveraged bets.
Upbit adds SYRUP trading pairs, boosting visibility
The surge was triggered by the July 25 listing of SYRUP on Upbit, South Korea’s largest exchange. Trading opened at 06:00 UTC. The listing added KRW, BTC, and Tether (USDT) spot trading pairs, expanding liquidity and opening the door for Korean retail and institutional investors. The move follows earlier listings on Coinbase and Binance this month.
Upbit also launched a promotional campaign to drive retail engagement, offering a prize pool of 228,000 SYRUP tokens. A $6,666 “super jackpot” was awarded to a participant on July 24, with winners required to claim within 24 hours.
Governance vote and buyback proposal underway
The Maple Finance community is voting on MIP-018, a governance proposal that would increase the portion of protocol revenue allocated to token buybacks from 20% to 25%. If approved, the change could have an impact on SYRUP’s long-term value and staking returns.
The developments coincide with Maple Finance’s partnership with Cantor Fitzgerald to increase institutional access to on-chain credit markets.
SYRUP technical analysis: Is there room for more upside?
With price action creating higher highs and higher lows over the past week, the token is still in an upward trend. The short-term support zone on the daily chart is located between $0.56 and $0.58, which was the range of consolidation before the breakout. As long as SYRUP holds above this level, the structure remains bullish.
At 67, the Relative Strength Index is approaching the overbought level but does not yet indicate exhaustion. Although its histogram is flattening, showing that momentum is stalling, the MACD is still in positive territory. Bollinger Bands are widening, indicating increased volatility, and the price is hugging the upper band, indicating ongoing buying pressure.
A close above $0.6532 could lead to continuation toward $0.70, supported by sustained derivatives interest and exchange activity. A drop below $0.56 would signal a potential retracement toward the $0.50–$0.52 support zone.
