Maker (MKR) is experiencing a significant resurgence in its market value after months of decline, thanks to renewed interest from whales and smart money investors. According to data from crypto.news, MKR saw an 11% jump to reach an intraday high of $1,197 on February 19, bringing its market cap closer to the $1 billion mark. This surge was accompanied by a 28% increase in trading volume, which reached $189 million, with a circulating supply of 845,384 tokens.
Since early December, MKR had been on a downward trend, trading near $2,400. Despite still being down 81% from its all-time high of $6,282, the token has seen a 24% gain in the past week, signaling a strong recovery. The recent rally appears to be driven by increased accumulation from whales and smart DEX traders.
Blockchain analytics firm iCryptoai highlighted a consistent buying pattern among Smart DEX Traders and whales, with buy volume surpassing sell volume, indicating a bullish sentiment. The Cumulative Volume Delta data also shows that MKR is in the Smart DEX Traders’ Accumulation Zone, suggesting a positive trend in the market.
Additionally, MKR’s open interest surged by 20% in the past 24 hours according to CoinGlass data, with a long/short ratio of 1.028. This rise in open interest, along with the dominance of long positions, indicates a growing bullish sentiment among futures traders. However, excessive leverage could pose a risk of a long squeeze.
Santiment data reveals that weighted social sentiment for MKR turned positive on February 17, indicating optimism about the altcoin’s price potential. Similarly, the community sentiment tracker on CoinMarketCap shows that 92% of over 51K traders are currently bullish on MKR.
In terms of technical analysis, the MACD lines on the 1-day MKR/USDT chart are pointing upwards, with the MACD line above the signal line, indicating strong buying pressure. The Aroon indicator confirms this uptrend, with Aroon Up at 100% and Aroon Down at 28.57%, signaling dominant bullish momentum.
With MKR’s RSI at 58, there is still room for gains, especially if supported by rising open interest and positive technical signals. Analysts have expressed a bullish view for MKR, with one predicting a potential 30% gain after breaking above a descending channel pattern on the 12-hour chart.
At the time of writing, MKR is trading at $1,170 per coin. It remains to be seen whether the current bullish sentiment and technical signals will continue to support MKR’s price rally in the upcoming days.