The price of Maker (MKR) has surged by over 44% in the past week, maintaining momentum despite large investors cashing out. On-chain and technical indicators suggest that further gains could be on the horizon for this DeFi token.
Maker Derivatives and On-Chain Analysis
In a remarkable turn of events, MKR has gained over 44% in value over the past week, signaling a strong bullish sentiment. Recent derivatives data indicates significant growth in open interest for MKR contracts, reflecting increased market activity.
Recent analysis reveals an impressive spike in open interest for MKR contracts, reaching approximately $116.85 million as of February 21. This upward trend aligns with the asset’s rising popularity among traders.
Moreover, the total value of assets locked in MKR has soared to $5.675 billion, demonstrating robust demand and investor confidence in the token following its rebranding efforts.
Despite some traders realizing losses, which can signal an eventual market recovery, MKR’s daily active addresses have recently peaked, indicating renewed interest from the trading community.
Additionally, the supply of MKR held by major investors has rebounded, further bolstering the positive outlook for the token.
Current data shows that 30% of MKR holders experience unrealized losses, while 65.55% are enjoying unrealized gains, suggesting the likelihood of continued upward momentum despite market fluctuations.
Maker (MKR) Weekly Price Forecast
After breaking free from a downward trend on February 12, MKR has consistently gained traction, currently trading at $1,473. The token is nearing resistance levels at $1,632 and $2,050, which could pave the way for further rallies.
Technical indicators such as the MACD and RSI suggest positively bullish conditions, reinforcing the likelihood of continued price growth.
Even with notable sell-offs from major holders, MKR’s price remains resilient, hinting at strong underlying support.
MKR Holds Steady Amidst Governance Discussions
Recent governance discussions within Maker’s community have sparked concerns over potential mismanagement, yet these issues have not derailed the token’s performance. The debate over a fast-tracked proposal to adjust borrowing limits against MKR continues, underscoring the community’s active engagement.
Maker Tokens Worth $17 Million Burnt, Supporting Gains
Another significant factor affecting MKR’s price this week is the recent burn of tokens amounting to approximately $17 million. This strategic move reduces the total supply, helping to elevate the token’s value and mitigate downward pressure.
As of the latest update, MKR is trading at $1,432, reflecting the sustained interest and ongoing developments within the Maker ecosystem.
Disclosure: This article is for educational purposes only and does not constitute investment advice.
