CandleFocus Chart of the week: Maker gears to extend rally next week, 15% gains likely
2025-02-22
Author: Content Editor
The Maker (MKR) token has seen a significant rally of over 44% in the past week, defying market trends. On-chain and technical indicators suggest further gains for the DeFi token. The spike in Open Interest in MKR futures contracts on derivatives exchanges indicates increased investor interest. Despite some traders and holders realizing losses, the consistent realization of losses is seen as a sign of capitulation and potential recovery in the token's price. The rising number of daily active addresses and the recovery of MKR supply held by whales are viewed as bullish signs. The In/Out of money and Network realized profit/loss metrics suggest that profitable traders are not taking profits, decreasing selling pressure on MKR. Technical indicators also point to a bullish trend, with resistance levels at $1,632 and $2,050. Although whales have been cashing out their holdings, it has not negatively impacted the price. Additionally, a potential governance attack on the Sky Protocol (Maker DAO) is causing community debate, while a $17 million token burn has also supported price gains. At the time of writing, MKR is trading at $1,432.
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