As of the time of writing, Maker (MKR) is defying the downward market trend by experiencing a 14% surge in its price.
The primary drivers behind this upward momentum are the growing interest from both investors and traders, coupled with the bullish price movement observed on the daily chart.
Price Movement and Future Projection for Maker
Following the technical analysis by CryptoCrypto, MKR has broken out of a descending channel pattern on the daily chart. This breakout indicates a potential shift from a bearish phase to a bullish phase for MKR.
Based on recent price patterns, there is a possibility that MKR could see a significant 50% rise, aiming to reach the $1,600 milestone in the upcoming period.
Increasing Investor Interest in Maker
Recently, the blockchain-focused crypto intelligence firm iCryptoai shared insights on the X platform (previously known as Twitter).
They pointed out that smart DEX traders and large holders have been consistently accumulating MKR tokens over the past few days. This accumulation trend, especially dominating the selling volume, suggests a more bullish sentiment in the market.
Moreover, the firm highlighted that MKR is currently within the SDT accumulation range. This accumulation activity might be one of the driving forces leading to a surge in MKR’s price.
Influx of $2.81 Million in MKR Tokens
Despite the optimistic outlook from investors and traders, there have been reports of some long-term holders liquidating their holdings, as uncovered by the blockchain analytics company Coinglass.
On-chain data indicates that exchanges have seen an inflow of MKR tokens worth $2.81 million over the last 24 hours, potentially signaling a selling pressure in the market.
Rising Open Interest and Positive Betting by Bulls
Intraday traders have displayed increased confidence by expanding their open positions in the past day, with Maker’s Open Interest (OI) rising by 20.5%.
Currently, traders leaning towards long positions are dominant, reinforcing a bullish outlook for the token. This surge in OI could be attributed to the growing confidence in Maker’s potential.
Notably, long positions above $1,062 are considered over-leveraged, totaling $2.20 million, while short positions around $1,144 hold $970K.
Combining these on-chain indicators suggests that the bullish sentiment is strengthening around MKR, pushing the price higher following a previous decline.
As of now, MKR is trading around $1,115 after recording a notable 14% gain in the last 24 hours.
Despite the positive on-chain metrics, the current price action of MKR hints at continued interest from traders and accumulation by large holders in the days ahead.