Will SYRUP reclaim $0.24 as syrupUSDC volume doubles to $4.98B?

Maple Finance [SYRUP] was up by more than 15% in the past 24 hours, at press time. The altcoin came third among the top gainers in a day for the top 200 by market cap.

The expansion of Maple Finance’s DeFi activity into stablecoins, specifically syrupUSDC, drove the rally. The difference in the activity of the native token and its stablecoin showed that the latter was the real driver.

syrupUSDC growth fuels SYRUP activity

Looking at the asset transfer volume, syrupUSDC doubled in only one month, from $2.143 billion to $4.982 billion. This was massive growth, bearing in mind that the expansion happened in late January 2026, as noted earlier.

Source: TokenTerminal

While the trading volume of the syrupUSDC token doubled, the trading volume of the native SYRUP token declined by 33%, according to Token Terminal. This showed that participants preferred SYRUP’s USDC stablecoin amid a general bearish crypto market.

Moreover, active loans on SYRUP grew by 8.4% to around $2.4 billion, with 70% coming from the stablecoin. However, it is those through syrupUSDC that drove the growth, as they jumped 30.5% to around $1.7 billion.

Additionally, the number of holders of the stablecoin grew by 4.8%, reaching 6.9K in just a month of launch. Those sending syrupUSDC daily also increased by 17% to around 4,420. This data showed that the stablecoin was gaining traction among crypto users.

Source: TokenTerminal

The Total Value Locked (TVL) also grew by 21%, reaching $3.2 billion.

All this spike in activity at syrupUSDC had a ripple effect on the entire chain as fees and revenue grew. Both monthly fees and revenue rose by more than 55%, reaching $10 million and $1.1 million, respectively.

Since the syrupUSDC is pegged to the U.S. dollar, it’s the native token that benefited from this liquidity.

SYRUP price approaches KEY level

The charts showed that SYRUP has been trading in a descending trend channel since the 12th of January. Interestingly, the altcoin was bouncing off the middle of the channel, indicating that bullish strength was building during this accumulation phase.

In fact, the price action was approaching the upper resistance of the channel with the Awesome Oscillator reinforcing bull strength as of writing. However, the oscillator was still below the neutral zone, indicating that bulls were yet to gain full control.

Additionally, Social Dominance was rising, reflecting market sentiments at the time. This metric was too dynamic, though, to make a firm judgment.

Source: SYRUP/USDT on TradingView

Combining the network activity with the technical setup, it appeared that SYRUP could break past the trendline resistance.

In case of a $0.24 breach, the next target area sat around the $0.28-$0.30 zone. But failure to surpass the resistance would invalidate the bullish anticipation.