Maple Finance token retreated on Wednesday even after Bitcoin soared to a record high and the developers announced major changes to its network.
Maple (SYRUP) price dropped for three consecutive days, reaching a low of $0.3460—down 9.40% from the year-to-date high of $0.3845.
In a statement, Maple said it would consolidate all its institutional and permissionless offerings under the Maple brand. This change means that Syrup will no longer operate as a standalone protocol. Instead, its syrupUSDC asset will become a Maple product available to all eligible on-chain participants.
The Blue Chip and High Yield Secured Lending offerings will continue operating as they are, providing overcollateralized loans to institutions. Sid Powell, the CEO, said:
“Unifying the brand lets us deliver that experience without fragmentation—and reinforces our role as the go-to asset manager for the next era of decentralized finance.”
Maple has become one of the biggest players in decentralized finance, enabling users to deposit their crypto while allowing others to borrow. Unlike other lending protocols, Maple’s lending operations focus on companies and other institutions.
Data shows that Maple’s assets under management have surged to $1.6 billion, while loan originations on its platform have climbed to $7 billion.
SYRUP, Maple’s token, has been one of the top performers in recent weeks, having jumped over 312% from its lowest level in April. This surge came as its ecosystem growth accelerated and after being listed by several exchanges, including Binance and Bybit.
SYRUP price technical analysis
The eight-hour chart shows that the SYRUP price formed a double-top pattern at $0.3828. Its neckline was at $0.3110, which coincided with the 23.6% Fibonacci retracement level. A double-top is one of the most bearish patterns in technical analysis.
The Average Directional Index, which measures the strength of a trend, has dropped from 60 to 38.9. Therefore, it is likely that the coin will face further downside, with the next target being $0.31, the 23.6% retracement level.
A drop below that support would suggest more selling pressure, potentially toward the 50% retracement level at $0.2345, down 33% from the current price. A move above the double-top would invalidate the bearish outlook.
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