Curve DAO (crv) 
Maker (MKR) is experiencing a significant resurgence in the market, thanks to renewed interest from whales and smart money investors. After months of decline, MKR’s price has surged 11% to an intraday high of $1,197 on February 19, pushing its market capitalization closer to the $1 billion mark.
Key Drivers Behind the Rally
The recent uptick in MKR’s price can be attributed to an increase in whale accumulation and smart DEX traders. According to blockchain analytics, there has been a consistent buying pattern among these groups, with buy volume significantly outpacing sell volume. This is often viewed as an indicator of bullish sentiment in the market.
Cumulative Volume Delta (CVD) data also shows that MKR is in the Smart DEX Traders’ Accumulation Zone, indicating that 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.
Market Sentiment and Technical Analysis
Maker’s open interest has surged 20% in the past 24 hours, with the long/short ratio currently standing at 1.028. This rise in open interest and the dominance of long positions indicate growing bullish sentiment among futures traders, which could support further price gains if buying pressure remains strong.
Weighted social sentiment for MKR has also flipped positive since February 17, indicating that most discussions on social platforms are bullish about the altcoin’s price potential. The community sentiment tracker shows a similar trend, with 92% of over 51,000 traders currently bullish on MKR.
From a technical analysis perspective, the MACD lines on the 1-day MKR/USDT chart point 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.
MKR’s 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.
Future Price Potential
Based on the current market trends and technical analysis, MKR could continue its rally in the upcoming days before cooling off. Analysts have 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 December 4. With MKR recently breaking above the channel’s upper boundary, it could still gain around 30%.
$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.
At press time, MKR was trading at $1,170 per coin.
Stay Up-to-Date with Global Crypto News
For more news and updates on the cryptocurrency market, visit Global Crypto News. Our platform provides the latest insights and analysis on the world of cryptocurrencies and blockchain.
