Maker Surges 25% Amid Crypto Weakness, Daily Revenue Hits Record High

Maker (MKR) has shown remarkable resilience amidst the broader crypto market's weakness, with its price surging by over 25% in the past week. The altcoin is currently trading at $1,196, following a 10% gain in the past day. On-chain data indicates that Maker's record-high daily revenue on February 10 has bolstered the altcoin's strength.

MakerDAO's rebranding to Sky Network in August 2024 has not dampened the project's bullish momentum. On the contrary, the project's daily revenue skyrocketed to yearly highs on February 10, generating $10 million in returns. This surge in revenue likely helped keep the altcoin's price afloat amidst the prevailing bearish markets.

The Open Interest (OI)-Weighted Funding Rate statistics support the optimistic outlook, with more traders executing long bets. The metric, which measures trader sentiments, currently stands at 0.009%, indicating a bullish bias and conviction in further price gains. Additionally, the daily Relative Strength Index (RSI) reading of 59 suggests more room for upward price actions, while the Moving Average Convergence (MACD) crossover highlights adequate momentum for extended gains.

The altcoin has exhibited an upside trajectory since breaking above a falling trendline on February 12. A candle closing beyond the line triggered a swift 10% surge past $1,023, with the price extending to $1,196 at press time. Bulls target the daily resistance zone at $1,700, an over 40% gain from current prices. However, broad market sentiments will determine MKR's trajectory in the upcoming sessions, with continued bear dominance potentially delaying the anticipated surges.

Cryptocurrencies displayed weakness on Wednesday as Bitcoin plunged to $93K before rebounding to $95.65K at press time. Various risk factors, including Donald Trump's tariffs on China, Canada, and Mexico, hawkish remarks from the US Fed, and pump-and-dump schemes involving political figures, have contributed to the prevailing crypto market underperformance. Meme tokens face immense criticism following LIBRA's fallout, which has shaken the Argentine political scene. The Fear and Greed Index displays "fear" at 37, signaling faded investor confidence in cryptocurrencies