Maker (MKR) Surges 44% Amid Positive On-Chain Signals
Maker (MKR) has seen a remarkable 44% price increase over the past week. Despite some large investors taking profits,the DeFi token remains strong. On-chain and technical data suggest further gains are likely.
Derivatives data from Coinglass shows a significant rise in MKR’s Open Interest on Febuary 21. This indicates a growing interest in MKR futures contracts. The total value of assets locked in MKR has reached $5.675 billion, as seen on DeFiLlama.
Rebranding to Sky Protocol has boosted adoption. Santiment data reveals negative spikes in the Network realized profit/loss metric as mid-January 2025. This suggests traders are realizing losses,a sign of market capitulation and potential price recovery.
Maker’s daily active addresses hit a three-month peak this week, showing increased trader interest. Whale holdings of MKR have also risen, another bullish sign. IntoTheBlock data shows 65.55% of MKR holders have unrealized gains, reducing the likelihood of further selling pressure.
Maker broke its downward trend on February 12 and is now trading at $1,473. Key resistance levels are at $1,632 and $2,050. Support is at $1,125. Technical indicators like MACD and RSI show bullish signs, supporting further gains.
Even as whales sell MKR, prices remain steady.A wallet identified as inveteratus.eth sold 1,230 MKR for a 30% profit. Despite governance debates over a fast-tracked proposal, MKR continues its rally.
A $17 million token burn has also supported MKR’s gains. This reduces selling pressure and boosts the price. At the time of writing, MKR trades at $1,432.
