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MKR is making a strong comeback after months of decline, thanks to renewed interest from whales and smart money investors.
According to crypto.news data, Maker (MKR) jumped 11% to an intraday high of $1,197 on Feb. 19, pushing its market cap closer to the $1 billion mark. The rally was accompanied by a spike in trading volume of 28%, reaching $189 million, with a circulating supply of 845,384 tokens.
MKR had been in a downtrend since early December when it was trading near $2,400. While the token is still down 81% from its all-time high of $6,282, it has gained over 24% in the past week, signaling a strong recovery.
The surge seems to be primarily driven by an uptick in whale accumulation and smart DEX traders.
A recent X post from blockchain analytics firm iCryptoai highlights a consistent buying pattern among Smart DEX Traders and whales, with buy volume significantly outpacing sell volume, which traders view as an indicator of bullish sentiment.
Additionally, Cumulative Volume Delta data shows that MKR is in the Smart DEX Traders’ Accumulation Zone, meaning experienced traders are actively increasing their holdings. Historical trends suggest that when CVD rises alongside price and trading volume, it often precedes further upward momentum.
MKR’s open interest has also surged 20% in the past 24 hours per CoinGlass data. The long/short ratio currently stands at 1.028. Such a rise in OI and the dominance of long positions indicate growing bullish sentiment among futures traders, which could support further price gains if buying pressure remains strong.
However, if leverage builds up excessively, it may also increase the risk of a long squeeze.
Santiment data further reveals that weighted social sentiment for MKR has flipped positive since Feb. 17, indicating that most discussions on social platforms are bullish about the altcoin’s price potential. The community sentiment tracker on CoinMarketCap shows a similar trend, with 92% of over 51K traders currently bullish on MKR.
On the 1-day MKR/USDT chart the MACD lines have pointed upwards with the MACD line lying above the signal line. This suggests that buying pressure for MKR continues to remain strong.
The Aroon indicator confirms this uptrend, with Aroon Up at 100% and Aroon Down at 28.57%, signaling dominant bullish momentum and minimal downward pressure.
Its RSI currently sits at 58, indicating sustained bullish momentum and suggesting the asset still has significant room for gains, especially if supported by rising open interest and positive technical signals.
As such MKR could continue its rally in the upcoming days before cooling off. Analysts have also expressed a bullish view for the altcoin after it formed a descending channel pattern on the 12-hour chart.
According to one analyst, the bullish pattern has been forming since Dec. 4. With the altcoin recently breaking above the channel’s upper boundary, it could still gain around 30%, according to his prediction.
$1,220 serves as the next key resistance level, according to analyst Ali Martinez, who pointed to the TD Sequential indicator, which had flagged a buy signal on the daily chart. The indicator helps spot trend reversals and a buy signal on it suggests waning selling pressure, paving the way for a potential price rebound.
At press time, MKR was trading at $1,170 per coin.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
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MKR rallies over 10% as whales and smart money accumulate – Crypto News
