Why is Pendle going down?

Why is Pendle going down? I've been watching its price chart closely, and it seems to be trending downwards despite the overall bullish sentiment in the crypto market. Could it be due to some specific news or event that has affected the project? Or is it just a temporary correction before it resumes its upward trajectory? I'm interested in understanding the reasons behind this downtrend and whether there are any signs of a potential reversal in the near future.